The Office of Property Assessment released its methodology today, explaining in an online presentation how it arrived to the new assessments under the Actual Value Initiative.
OPA even included the much requested "formula" which is Market Value = Constant * B1 ^ X1 * X ^ LN (B2)... enough to make anyone's head spin.
OPA spent two years reassessing properties, by analyzing sales, conducting field inspections and creating valuation models. Under AVI some property owners will see their tax bills decrease while others will see large spikes. Elected officials and community groups began requesting the "formula" and criteria used to reassess properties several weeks ago and some have called into question the accuracy of the assessments.
Anyone who believes their property has been assessed to high or low can file an appeal with the Board of Revision of Taxes.