When market value changes, naturally so does assessed value. For instance, if you were to increase the total market value of a parcel of property by building a garage, the assessed value would increase proportionately. Similarly, should a property value be decreased because of a fire or other catastrophe, the assessed value would decrease to show the downward effect of the damage on the market value of the property.
The economy of the entire community affects assessed value. For example, over the years more property owners have rehabilitated or invested in new construction in and around the City of Perry; and all property values within the City have increased. This can easily be seen by looking at the asking prices of properties that are currently for sale on the open market and by finding out what properties have actually sold for within the City of Perry.
The Assessor has not created this value, he simply has the legal/responsibility to discover it as it exists and appraise property accordingly. People make value by their transactions in the market place.