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Property Tax Information
Information
about Property Taxes
Tax Levies and Assessed
Values
Things to Remember about Property Taxes
Information
about Property Taxes
On values determined as of January
First, one does not start to pay taxes until eighteen months later.
The "roll back" is the percentage of
actual value that is determined by the Director of Revenue and Finance
each year on the several classes of property where the total value
increase STATEWIDE, exceeds four percent for each class of property.
The percentage so determined by the Director of Revenue and Finance
is certified to and applied by the local county auditor to all property
in each class affected throughout the State. Percentages determined
by the Director of Revenue and Finance is the same for all the assessing
jurisdictions in the State.
Increases in assessed value of individual
parcels of property as determined by the Assessor, may exceed four
percent within a jurisdiction.
Agricultural property, except agricultural
dwellings, are assessed on the basis of productivity and net earning
capacity using a five-year crop average and capitalized at a rate
set by the Legislature. The rate is currently seven percent. The
Director of Revenue and Finance issues tentative and final equalization
orders in odd numbered years on or about August 15th, and October
1st respectively. The orders are sent to the various county auditors
who apply them to the classes of property affected, if any.
Assessors and members of the Board
of Review are appointed to their terms of office. Assessors, in
addition to completing the required 150 hours of Continuing Education,
must be approved by a majority vote of the Conference Board in order
to be reappointed.
If you desire further information,
questions concerning PROPERTY VALUES or other information relating
thereto should be addressed to the Assessors office in the respective
jurisdiction and not the Board of Supervisors or Treasurer.
Questions relating to taxes should
be addressed to the local county treasurer.
Tax
Levies and Assessed Values
There are a number of different taxing
districts in a jurisdiction, each with a different levy.
Each year the County Auditor determines
for that district a levy that will yield enough money to pay for
schools, police and fire protection, road maintenance and other
services budgeted for in the area. The tax levy is applied to each
$1,000 of a property's taxable value.
The value determined by the assessor
is the assessed value and is the value indicated on the assessment
roll.
The taxable value is the value determined
by the auditor after application of state ordered "rollback" percentages
for the various classes of property and is the value indicated on
the tax statement.
When comparing the value of your property
with other properties always compare with the value on the assessment
roll or the assessor's property record cards and not the value indicated
on the tax statement.
Things
to Remember about Property Tax
- Assessed value and taxable value
are not synonymous terms.
-
Property is assessed as of January 1st.
-
Property is re-assessed every two years.
- Taxes
are levied on a value determined by the auditor by applying a
"roll back" percentage to the assessed value and deducting any
applicable exemptions or credits. The "roll back"
percentages vary each year.
Example:
$100,000 - 1998 Assessed value (residential
class)
x 0.564789 - roll back percentage
(1998)
= 56,749 - roll back value (taxable)
-4,850 - Homestead Credit
= 51,629 - net taxable value
x 0.02929155 - levy $29.29155
per thousand (varies with taxing district)
= $1,512 property tax
(rounded
to nearest even whole dollar)
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