Frequently Asked Questions

Full Revaluations involve the interior and exterior inspection and re-measurement of all properties, which necessitates entry into each residence or building.

Statistical Revaluations use existing data to revalue properties, avoiding onsite property inspections except to confirm validity of data for a sample of properties. The City has performed the in-house Statistical Revaluations each year since the last full revaluation was completed in the 1980s.

With respect to each of these processes, the resulting valuations from a Full Revaluation are much more accurate than a Statistical Revaluation.

All factors that may affect the market value of your property will also be considered, such as the cost to replace your building(s) less any depreciation, plus the value of the land could be used to estimate the market value. For income producing properties, the income and expenses will be considered.

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The purpose of the inspection visit is to verify the current property data on file with the Assessor's Office. This includes exterior measurements of all buildings (main structure and outbuildings) and interior information such as building quality, condition, bedroom and bathroom counts and construction materials used. How many dwelling units are on the property. Has the attic or basement been finished. Have there been any recent renovations. Are there items that need to be replaced? What type of flooring is in the home. What types of heating/cooling equipment are in the home. In the end, the overall quality and condition will be estimated based on this objective data. The data collector will take a digital image/photo of the structure's exterior. No interior photos will be taken.

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If a property owner is uncomfortable with an interior inspection, they can verify the interior information at the door. The data collector will ask a few questions such as: What year was the house built or remodeled? How many bedrooms and bathrooms are in the home? Has the attic or basement been finished? How would you describe the overall condition of the home? Have there been any recent renovations? Are there items that need to be replaced? What type of flooring is in the home? What type of heating/cooling is in the home? The overall quality and condition will be estimated based on the responses and factual data will be updated.

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The data collector will inform the tenant that the owner was sent an inspection post card. While the data collector is there, the tenant could call the landlord to see if it's ok to allow KRT into the home. If the tenant is uncomfortable letting KRT in, the data collector will inform them that a letter will go out to the owner in the winter of 2026 asking for an interior inspection appointment. At that point, the owner can arrange for an inspection around the tenant's schedule.

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The Assessor’s Office maintains a complete record of each property. Information is kept current through permit inspections, sales inspections, periodic re-inspection and exterior reviews; these records are available for your review in our office, as well. Current data will be considered by KRT when they establish a new value.

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The Revaluation will consider all three approach to value: Cost approach, market-sales approach and the income approach. Each approach utilizes a different formula. The real question is whether the final total value is in the ballpark (within 10%) of market value.

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There are two very good methods of determining this. First, compare your property to similar, nearby properties that sold in the previous year. Your value should be in line with these sale prices. Second, if no recent sales are available, compare your assessment to other similar properties in your area using the data available in the Assessor’s Office or on the City website. Your value should be in line with these similar properties. Remember, very few properties are exactly alike. Your value should be comparable, but it seldom will be exactly the same as what seems to be a similar property.

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