What is the primary concern of assessors regarding property?

The primary concern of assessors regarding property is often centered on Value in Exchange. This concept refers to the worth of a property based on what it can be sold for in the market. Assessors aim to determine the fair market value of properties to ensure equitable taxation and to reflect the true value that a willing buyer would pay to a willing seller in an open market setting.

While considerations such as Value in Use, which pertains to how much a property can generate in terms of income and utility for its owner, and Market Demand, which refers to the level of interest and demand for properties in a specific area, can influence valuation, they do not encapsulate the primary focus of assessors. Tax Revenue, although an important aspect of local government funding, is inherently linked to fair property valuations and is a consequence of the assessment process rather than a direct concern in determining property value. Therefore, determining the Value in Exchange is fundamental for assessors to establish just and accurate property values for taxation purposes.