Property Tax Records Glossary
Abatement:
A reduction in taxes granted after qualifying for statutory tax relief such as circuit breaker, indigent, blind, or veteran exemption. You must apply for tax relief each year.
Appraisal:
Is defined as the act or process of developing an opinion of value. An appraisal involves selective research into appropriate market areas, the assemblage of pertinent date, the use of appropriate analytical techniques, and the application of knowledge, experience, and professional judgement to develop an appropriate solution to an appraisal problem.
Parcel Number
An unique number assigned to each piece of real property within any County. All Board of Equalization appeals are filed by this number. The parcel number is located on the left side of the Valuation Notice near the top and contains 14 digits separated by dashes, e.g., 36-18-480-003-0000.
Personal Property
Any tangible property other than real estate which is not attached to the land. Some characteristics used to determine whether the property is movable in a fashion that it will not create damage to the the real estate or to itself. Some examples are; furniture and furnishings not built into the structure such as as refrigerators and freestanding shelves, gasoline station pumps, storage tanks, manufacturing equipment, supplies, machinery, or other types of equipment. It also includes all most types of motor vehicles.
Property Tax
A tax that is described as ad valorem...This tax is based solely upon value. Essentially it is the amount of money necessary for local government to pay for services it provides such as police and fire protection, schools, roads, parks, libraries, and the court system.
Tax Relief
A reduction in tax granted to persons with low incomes who are legally blind, are disabled veterans, or who have extreme financial hardship. Each program has specific eligibility requirements set by state law and County Policy. To be eligible YOU must file annually. Usually the Treasurer or the assessor administers the tax relief program.
Tax Rep
Tax representative. A person who represents another taxpayer before the Board of Equalization and is registered with the Auditor.
Taxable Value
The fair market value less any applicable reduction allowed for exemptions. Taxes due on a property are calculated by multiplying the taxable value by the tax rate.
Truth in Taxation Notice
Also called the Valuation Notice or Notice of Property Valuation and Tax Change and an estimate of taxes due for the current year compared to last year. It is the notice mailed by the Auditor and shows the Assessor's valuation.
Vacancy and Collection Loss
The deduction of income that is allowed for reductions in potential gross income attributable to vacancies, tenant turnover, and nonpayment of rent or other income. It can be attributed to the physical vacancy as a loss in income, or collection losses caused by concessions or default by tenants.
Year Built
The actual date in time when real property improvements were placed into service, or when construction of the improvements was completed.
Assessments
State law mandates that all property is subject to taxation unless otherwise exempted. Your property tax supports necessary services provided to the residents of your county or city. These include law enforcement, fire protection, education, parks and recreation, and other vital services.
Tax is based on the assessed value.Ttax bills show land and improvement values. Improvements include all assessable buildings and structures on the land. It does not necessarily mean that you have recently “improved” your property.
In general, properties that are owned and used by educational, charitable, religious or government organizations may be exempt from certain property taxes. You may also qualify for certain exemptions.
What Does the Assessor Do?
The Office of the Assessor has the following four primary responsibilities:
- To locate all taxable property in the County and identify ownership.
- To establish a tax value for all property subject to taxation.
- To complete an assessment roll showing the assessed values of all property.
- To apply all legal exemptions.
The primary responsibility of the Assessor is to find the fair market value of your property, not to establish the amount of your tax. Buyers and sellers in the market create value, and the Assessor studies the market and collects information about properties to estimate value. Revaluation does not necessarily determine whether or not your tax will increase. It is only one element of a process that results in the final amount you are taxed.
The Assessor also keeps track of ownership changes, maintains maps of parcel boundaries, keeps description of buildings and property characteristics up to date, and, most important, analyzes trends in sales prices, construction costs, and rents to estimate the value of all assessable property.
The county tax assessor-collector is an elected official with a four-year term. The statutory responsibilities of the county tax assessor-collector include the assessment of property and collection of ad valorem taxes for the county. These statutory responsibilities have been modified somewhat in recent years with the creation of the county central appraisal districts, although in some counties the county tax assessor-collector also serves as the head of the central appraisal district. Today, it is the central appraisal district which determines the taxable value of property for all taxing entities in the county. The county tax assessor-collector is also responsible for registering voters, issuing liquor, beer and wine licenses, collecting the sales tax on automobiles, issuing and collecting fees for automobile registrations and transfers of title.
The Treasurer and Tax Collector collects secured and unsecured taxes. Secured taxes are taxes on real property, such as vacant land, structures on land, i.e. business/office building, home, apartments, etc. Unsecured taxes are taxes on assessments such as office furniture, equipment, airplanes and boats |
