You can appeal down to comparable market value in a falling market.
In a rising market, the Assessor can adjust upward to market value, not to exceed assessed value when you purchased the property (generally purchase price), plus 2% compounded annually since. if the market is rising but not fully recovered from the peak, then your assessment might something lower than the maximum, unless you purchased before the runup.
What you owe on the property due to refinance has no bearing on the assessment.
if your build and improved the property over time, the formula is more complicated.[/quote]
I was only asking if the assessor is really in compliance when raising the assessment in obviously falling markets?
