What does a focus on 'value-based' assessment emphasize?

A focus on 'value-based' assessment emphasizes the intrinsic worth of property, which refers to the economic value that a property can provide in the marketplace. This approach prioritizes understanding how various factors—such as location, zoning, and market conditions—affect the value of a property. By assessing the intrinsic worth, assessors can better determine property values that are fair, equitable, and reflective of current market conditions.

While sentiments of property owners, physical characteristics of land, and historical significance can influence perceptions of value, they are not the central focus of a value-based assessment. Instead, this method seeks to quantify the economic value in a way that is consistent and objective, providing a basis for taxation and financial decisions.