There are a number of factors that go into determining your assessed value. A variety of changes including extensive renovations, basement development, garages additions, fireplaces, and decks can alter the assessed value of a property.The assessed value is determined through an analysis of properties that have sold in the previous year. Different neighbourhoods or dwelling types may appreciate of depreciate in value at different rates from year to year.
The average market value of single family homes may have decreased overall, but the difference between each neighbourhood may not match the overall year to year change.