Cleveland County Assessor‘s Local government needs to have a sound evaluation process. Fair appraisals assure owners that they only need to pay their fair share of the costs of running libraries, schools, and other necessary services.
Oklahoma law requires the county assessor’s office to keep all property values and physically inspect each parcel at least every four years. Evaluators visit properties and observe changes in physical characteristics. The rater stores, updates, and retains this information for current and future use in the scoring process.
Cleveland County Assessor’s Office Residential Real Estate
Purpose of Reviews
The purpose of estimates prepared by the Cleveland County Assessor’s Office is to estimate actual present fair value for ad valorem tax purposes only. The reporting deadline is January 1 of each year.
Definition of Real Present Fair Value
“Current fair value” is defined as the probable sale price of a property in monetary terms in a competitive market, provided the buyer and the seller act prudently and knowingly, allow sufficient time for the sale, and assume that the transaction is not affected by undue pressure.
Analysis of absolute cash values
Once actual present fair values have been calculated based on information collected from real estate appraisers, they are analyzed to determine their accuracy and fairness. The real estate appraiser does not provide an actual fair money value. A property’s value is determined by the general public’s purchase general public’s e and sale of the property, which determines its value’s value in the real estate market.
Ratings are compared to sale prices to determine indices that measure rating levels and consistency. To ensure consistency of values, studies of sales rates by district, property type, and other characteristics are carried out regularly.
Sales File
The municipality maintains an inventory of sales made, the most recent of which are kept in CAMA records. This data is collected from various sources, including deeds, sales letters to buyers and sellers, and, in many cases, actual telephone contacts.