What does Exception RMV refer to in property assessment?

Exception RMV refers to the adjusted Recorded Market Value (RMV) of a property that accounts for specific exceptions or changes in the property’s status that could affect its appraised value. In this context, it is the RMV of a property minus the RMV that would have been established had the exception not occurred. This measurement allows assessors to determine how much a particular change, such as improvements, damage, or a change in property use, has impacted the overall market value.

This concept is significant because it helps ensure that property assessments remain fair and reflective of current conditions, making necessary adjustments based on real, observable factors. Such adjustments could include instances like new construction, upgrades, or abatements that would not typically be included in a standard appraisal. Thus, understanding Exception RMV is important for accurately assessing property values and ensuring equitable taxation.