General Information

Common Terms

  • Real Property - All land and the buildings, structures or improvements on that land.

  • Assessment - An appraised or determined value of real property multiplied by the appropriate corresponding ratio equals the assessment or assessed value.

  • Fair Market Value - The amount for which property can reasonably be expected to sell on the open market with a willing buyer and willing seller.

  • Reassessment - Process required by law to determine changes in market value of property over a certain period of time in order to provide equity among taxpayers.

  • Millage Rate - The amount of mills levied in order to meet the budget of a school district, county, city or other political subdivision. One mill equals 1/1000 of a dollar (.001).

  • Tax Map Number - This is a unique ten (10) digit number that is the basis for property identification and location.

  • GIS/Geographic Information System - This is the linking of tabular data to maps residing in a computer as graphics files. Either maps or data can be called interactively.

  • Assessable Transfer of Interest - A transfer of an existing interest in real property that subjects the real property to appraisal. For purposes of this definition, an existing interest in real property includes life estate interest.

  • Capped Value - Each political subdivision shall value real property by a method in which the value of each parcel of real property, adjusted for improvements and losses, does not increase more than fifteen percent every five years unless an assessable transfer of interest occurs.

  • Special Assessments
    • Legal Residence (4%) .... Owner occupied dwellings
    • Agriculture (4%) .... Agriculture properties with bonafide agriculture use.
    • Agriculture (6%) .... Agriculture properties with bonafide agriculture use owned by a corporation with 10 or more stockholders.

  • Rollback Taxes - When real property which is in agriculture use and is being valued, assessed and taxed under the provisions of this article, is applied to another use other than agriculture, it shall be subject to additional taxes, hereafter referred to as rollback taxes, in the amount equal to the difference, if any, between taxes payable or the basis of the agricultural use valuation and assessment and the taxes that would have been paid had the property been taxed at the market value appraisal and 6% assessment ratio. The rollback can be applied to the five years preceding the first year the property is taxed at 6% due to the change in use.

    *Rollback taxes are billed to the December 31 owner of record in the year the use changed in October of the following year.
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