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Assessment Property Classes
Residential Historical Assessment
Tax Rates: All Government Units
Glossary of Assessor Terms
ASSESSED VALUE:An estimate of value
assigned to taxable property by the assessor for purposes of taxation.
MARKET VALUE: The amount a typical,
well-informed purchaser would be willing to pay for a property. For a sale to
represent market value, the seller must be willing (but not under pressure) to
sell, and the buyer must be willing (but not under any obligation) to buy. The
property must be on the market for a reasonable length of time, the payment must
be in cash or its equivalent, and the financing must be typical for that type of
REVALUATION: Placing new values on all
taxable property for purposes of a new assessment.
TAX BASE: The total assessed value of all
assessments in the municipality.
TAX LEVY: The total amount of property tax
money that a taxing unit (such as schools, city, county, etc.) needs to raise to
TAX RATE: The tax levy divided by the tax
base. It is often expressed in terms of dollars per thousand. The tax rate is
multiplied by the assessed value to determine the amount of tax that each
property must pay.
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