When market value changes, so does assessed value. The assessor's staff strives to establish your assessed value as closely as possible to market value. This means your property is valued for what it would sell for as of January 1st of the current year, based on comparable sales, not necessarily what you paid for it. For example, if you buy an older home and fix it up or add a garage to your home, the assessed value would increase. However, if your property is in poor repair, the assessed value would decrease. The assessor cannot falsely create market value....buyers and sellers create market value as a result of their transactions in the market place. The assessor has the legal responsibility to study those transactions and estimate the value of your property accordingly.