Contact Information

Contact Information

City Assessor's Office

Title

Sales trends

Sections

Valuation date

The recently mailed 2022 valuation notice included an estimated property value as of January 2, 2022. That value is utilized in the calculation for taxes payable in 2023.

Sales study period

For the January 2, 2022 assessment, the assessor considers sales that occurred between October of 2020 and September of 2021.

Not all sales included

Not all sales are representative of the market. Some sales, such as foreclosures, sales between relatives, or sales where the seller or buyer are acting under undue duress are not considered open-market, arm’s-length transactions and are not used in sales ratio studies, nor are they used as comparable sales in estimating the value of similar properties.

Appreciating market

Over this past year the real estate market in Bloomington has seen significant gains, greater than experienced in recent history.  

Sales occurring prior to the assessment date must be analyzed with consideration given to appreciation that may have occurred between the sale date and the assessment date.

Mass appraisal isn’t based on an individual sale

It’s also true that people purchase property based, at least in part, on their own preferences. This results in perceived “good” and “bad” deals occurring every day.  Mass appraisal techniques seek to value all properties based on the sale transactions of many similar properties. 

The assessed value is not based on an individual sale, but rather a consideration of many sales, resulting in an indicated value, or “most likely” price.

“Wait a second - I paid $300,000 for my home and now you’re saying it’s worth $360,000. How is that possible?”

 

The assessment date is January 2 of each year. If the market appreciated, say 20% in your area:

  • A purchase price of $300,000 in January of 2021 would indicate a value closer to $360,000 as of January of 2022.
  • A purchase price of $330,000 in July of 2021 would also indicate a value closer to $360,000 as of January of 2022.
Appreciation trendline

Valutation articles