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Page 3 of 31 |
What is a property tax assessment? |
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Basically it is an estimate of what your property is worth. The value placed on the property determines what portion of the local property tax levy will be billed to your property. Once determined, the value is multiplied by the tax rates to determine how much you, as a property owner, pays. A large number of states base their assessment on full market value (or some fraction thereof).
The responsibility for the assessment function generally falls to a local official, either appointed or elected. In many states, state assessment agencies have the responsibility of valuing public utilities, mineral properties, farmland, and railroads since these types of appraisals are usually highly complex. Assessing units follow municipal boundaries - county, city, town, or village. |
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