How many years should an assessor ascertain the value of all property which became taxable since the last valuation?

The correct duration for an assessor to ascertain the value of all property that became taxable since the last valuation is five years. This timeframe is often established by local statutes or regulations that outline how frequently property assessments should occur and how adjustments for newly taxable properties should be conducted.

Valuing properties that became taxable within this five-year period allows for a systematic review and ensures that all properties are assessed fairly and accurately. This period strikes a balance, providing enough time for properties to be developed or change in value while still maintaining consistency with valuation practices and ensuring that all taxable properties are accounted for in a timely manner.

Using a five-year interval helps assessors maintain current market data and reflects changes in property values due to various factors like economic conditions or developments in the area. This approach is crucial for accurate tax assessments, ensuring that funding for local services remains stable and equitable.

In contrast, durations shorter than five years may not allow for sufficient data accumulations for effective valuation, while longer intervals could lead to significant discrepancies in property assessments, potentially disadvantaging either property owners or the taxing authority.