Real Property

Real property is defined by statute and is synonymous with Real Estate. Real property is the underlying land and improvements attached to the land, i.e. structures. This encompasses both residential and commercial property.

What do we do?

We value all real property, land and buildings, commercial and residential, for tax purposes. Your total market value is calculated by adding your land value and building value for a total value. This value is then adjusted to market value by using comparable sales. Commercial properties are valued in much the same manner unless their value is derived from their income potential. We value offices, apartments, hotel/motel, and self-storage properties on the Income Approach.

When do we value property?

 We value all property on a yearly basis. Appraisal for property tax is done one year in arrears. For tax year 2024, your appraised value will be based on the condition of your property as of October 1, 2023. We use market data from October 1, 2022 to September 30, 2023 to determine value.

What do I do if I add or remove buildings from my property?

We receive permits for from the City of Montgomery, the Town of Pike Road, and the County Engineers Office for new construction, renovations, septic systems, etc. However, there is no guarantee that we will receive notification of all activity. If you make any changes to your property and want to be sure that it is recorded and assessed accurately, please notify us of any changes and we will update our records.