Property assessment notices for 2008 were mailed April 23. Over 16,500 notices were mailed notifying taxpayers of an increase or decrease on their property value from 2007. Over half of the notices were decreases of value.
Market indications showed a slow down of sales in the county and ratio studies which is a relationship between the sale of a property and the county appraised value indicated a slight decrease in house sales.
The tax assessor’s office has received a number of calls from taxpayers requesting an explanation of the notice and how to interpret the values. This paragraph will give you a definition on the section of the notice that lists the value placed on your property. The bottom section of the notice contains information on the value of your property identified by a highlighted line titled Account Number and Map Number. The acreage is given on real property and a homestead code is listed if you receive homestead exemption or none if you do not receive a homestead exemption.
The property description, street address of the property and the tax district where the property is located in the county provides further information describing your property. The next highlighted area is titled value of property-per tax return (your value given to the assessor’s before April 1), the prior year (2007), change (difference of the prior and current year values) and current year (2008). The 100 percent (fair market) and the 40 percent (assessed) value of property is listed under each of these titled areas.
The next highlighted area is titled current year breakdown. Sections are titled land value; historic, conservation use (CUVA) or freeport (manufacturer’s inventory) exemption; non-land (buildings on the property), and net taxable. The 100 percent (fair market) and 40 percent (assessed) values are given under each section. The net taxable is the value before homestead exemption and the homeowner’s tax relief credit is deducted but after the historic, conservation use and freeport exemption have been deducted.
The Board of Tax Assessors urges you to check your assessment notice. Your 2008 tax bill will be based on the current year net taxable value. Compare the prior year to the current year value; if you feel the current value is higher than the current market value of property in your neighborhood, appeal your value. You can estimate your tax bill by multiplying the 40 percent assessed value by last year’s total millage rate of 29.911 (.029911). This will not include homestead exemption, homeowner’s credit or fire/sanitation fees, but will give you an estimated amount. The new millage rate will not be set until after legal notice advertising the county and board of education’s five-year history and any public hearings required by law.
Appeals may be filed on issues concerning taxability, uniformity of assessment, value and denial of exemption. The appeal must be in writing and include the account number, map number, and the issue on which your appeal is based.
It must be received by the Board of Tax Assessors by the last date to file an appeal as stated on the assessment notice.
Review the information contained in your notice. If you have any questions contact the Board of Tax Assessors office and the staff will provide assistance and supply information that was used in determining the value of your property.