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 property.

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 provide services.

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.