The Village of Bayside performs a revaluation of all property annually. This means all property within the Village will be reviewed then assessed to fair market value annually. Your assessed value can increase or decrease each year depending on current market conditions.
The fair market value of all property is calculated by reviewing arm's length sales, which are valid sales between a willing seller and a willing buyer on the open market. Assessors may also consider information from other sources to determine your assessment.
Full value assessments ensure that your property value mirrors fair market value annually. If the market for similar property decreases, your value will decrease to match what the market value is reflecting.