As of January 1, 2008 the Village of Sussex is implementing the "Full Value Maintenance" program.
A full value assessment maintenance is an attempt to keep all property values at 100% of market value on a yearly basis. This goal is attained through analyzing all properties that have sold within each calendar year. We then break down the Village into multiple neighborhoods in order to compare the similarities of the market. Through sales analysis, we realize what neighborhoods and styles of homes are appreciating at what rate.
Some advantages of full value maintenance are;
1. Assessment Equitability-keeping all properties at 100% market value every year.
2. Easier for constituents to understand. Not a huge increase once every so many years but done incrementally.
3. Easier on municipality budgeting. More consistent without a large increase one year due to revaluation cost.
Starting in 2008, we will be attaining the goal of 100% full market assessment by physically viewing 25% of the properties throughout the village each year for the next four years. Included within this 25% is an analysis of sale properties, an inspection of new construction, and a check on all properties that took out a building permit throughout the village. After a thorough analysis of all sale properties, we will adjust values according to style and neighborhood of the property based on 100% full market value.
Property owners should be aware of the following items:
Property exteriors will be reviewed at the end of each year.
All assessors will carry identification and drive marked vehicles.
Only new home construction will receive a physical inspection of the interior, or unless a request from a property owner is made to review the interior.
Although only 25% of the properties each year will have an exterior inspection, the entire Village will be revalued each year.
For additional information or questions call the Village or Accurate Appraisal, LLC at 1-800-770-3927 or visit our web site at www.accurateassessor.com.