What influences the assessment levels for real properties?

The assessment levels for real properties are influenced significantly by the actual use of the property. This means that how a property is utilized—whether it is residential, commercial, agricultural, or industrial—plays a crucial role in determining its assessed value. Different types of properties are typically assessed at various rates based on their use, as this can affect their potential income generation and overall market value. For example, a commercial property may have a higher assessment rate due to its income-generating potential compared to a residential property.

While property location, market trends, and the owner's financial status may impact the overall value of a property, they do not directly determine the assessment levels. The use of the property fundamentally shapes how it is classified and valued by assessment authorities, making it a key factor in the assessment process.