The Purpose of Residential Appraisals
The purpose of appraisals by the Wagoner County Assessor's office is to estimate the fair market value for Ad Valorem tax purposes only. The effective date of any appraisal is January 1 of each year. The appraisal process is a very important one in the function of local government. Property owners should be assured that their appraisal is fair and equitable and they are not paying more than their fair share of the cost of operating schools, libraries, police protection, and other necessary services.
We are required by statute to maintain all real estate values and to physically inspect each parcel at least once every four years. Field appraisers visit the properties and note any changes in the physical attributes. The information is then stored, updated and maintained for current and future use.
Analyzing Market Values in the County:
"Market value" is defined as the probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale and assuming that the transaction is not affected by undue pressures. Once market values have been calculated based on the information from the field appraisers, the values are analyzed to determine how accurate they are. The Assessor's office appraiser does not create a market value. Value of property in a real estate marketplace is determined by the buying and selling of the property by the general public. All structures are measured and specific data noted on field cards. The structure is then "built" using the specific data in the CAMA software system using Marshall & Swift pricing tables. There are many factors that go into each structure that help determine the value. A current sales file is stored at the Assessor's office consisting of data collected from many sources including actual sales, deed information, sales verification letters to buyers and sellers and personal contact with the property owner.
Notice of Change in Assessed Value:
"If" the County Assessor increases the valuation of any property over the assessment from the preceding year, notification in writing will be sent to the person in whose name any such property is listed.
Appealing the Market Value:
If the taxpayer should disagree with the assessor, they must file a written appeal within twenty (20) working days from the date the notice was mailed. The complaint must be made upon a form (OTC #974) prescribed by the Oklahoma Tax Commission which is available at the County Assessor's office. This complaint should specify the reasons for the disagreement as well as the taxpayers opinion of market value.
The Assessor's staff will conduct an informal hearing considering all evidence presented. Final action, concerning the informal appeal, will be taken within five (5) working days of the informal hearing. Notice of this action will be mailed to the taxpayer.
Within ten (10) working days of the date this notice is mailed or delivered, the taxpayer may file and appeal with the county board of equalization.
Property owners who appeal are encouraged to perform careful research and submit copies of evidence during each step of the appeal process.