The assessor values real property in one or more of three methods; Market or sales comparison method, Cost-approach method or the Income method. Real Property is land and any improvements, such as buildings, attached to the land.  Assessors must revalue real property at least once every four years. An increase in value does not mean that next year's property taxes will increase at a proportionate rate. If your property is damaged or destroyed you may be eligible for a reduction in your assessed value. If you have agricultural, open space or timber lands, you may apply to classify your land under the Current Use/Open Space program. This generally means a reduced assessed value for the duration of the classification. If you improve your single family residence by remodeling, you may apply for a three-year exemption from taxes on the value of the physical improvment. Physical improvments do not include normal maintenance items. If you are a senior citizen or disabled person you may qualify for property tax relief.