The assessed value represents the estimate of the market value of the property. The real estate market changes constantly. The assessment for the Fiscal Year 2023 represents the estimate of market value as of January 1, 2022. This estimate of market value is determined by examining sales of properties from the calendar year 2021. Although there may not have been any physical changes to the property, buyers may be paying more or less for properties than they were in previous years. The assessment changes reflect the changes in the purchase prices of similar homes in the neighborhood. The assessments do not predict market value. The assessments reflect (or report) market value. The real estate market can change dramatically from year to year. It is not limited to 1, 5, 10 or 25-year intervals. The buyers and sellers determine the market value of properties. The assessments reflect what the buyers and sellers are doing as of the assessment date.