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• Added rooms, garages, porches or decks • Aluminum or vinyl siding • Substantial modernization of kitchens or baths • Central air conditioning • Fireplaces • Extensive remodeling • Swimming pool • Basement finish (family room, den, etc.)
Different types of properties within the same neighborhood may also show different value changes. For example, one-story houses may be more in demand than two-story houses, or older homes in the same area may be rising in value more slowly than newer homes.
There are numerous factors to be considered in each property which will cause the values to differ. Some of the factors which can affect value are location, age, condition, size, quality, number of baths, basement finish, and garages.
Computers are much faster and are capable of advanced analysis in this area. But despite these capabilities, common sense and assessor judgment are always required to verify our assessments.
To ensure an accurate assessment, it is to your advantage to allow the assessor inside your property when an inspection is requested. By denying an inspection, you may lose the right to appeal your assessment to the Board of Review.
All sessions of the Board are held in the Council Chambers. By statute, the first session of the Board of Review must be within the thirty day period beginning on the second Monday in May. If there are not many appeals, the Board will usually complete its business during their first session. Once the Board has heard all appeals and adjourned, no further assessment objections can be considered until the following year. When you receive your tax statement in December, it is too late to file an objection for the current assessment. Paying your taxes under protest does not constitute a formal assessment objection.
The best evidence for this would be a recent sale price of your property. The next best evidence would be recent sales prices of properties that are similar to yours. The closer in proximity and similarity, the better the evidence. Another type of evidence is oral testimony from a witness who has made a recent appraisal of your property.
January 31: Full payment of taxes due OR if paying in installments, due date of first tax installment payment (Installment payment option is not available for personal property taxes)
March 1: Last day to file personal property returns and file request for property tax exemption.
Month of April: Assessment change notices are typically mailed during the month of April.
Second Monday in May: Earliest meeting date for the Board of Review. The Board of Review can meet anytime within the thirty-day period beginning with the second Monday in May.
July 31:Final tax installment payment due date.
Market Value The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, and knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and each acting in what he considers his own best interest: 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars of in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. Reappraisal or Revaluation Placing new values on all taxable property for purposes of a new assessment.
Tax Base The total assessed value of all taxable property in the city.
Tax Levy The total amount of property tax money that a taxing unit (such as the schools, city, county, etc.) needs to raise to provide services.
Tax Rate The tax levy divided by the tax base. It is often expressed in terms of dollars per hundred or dollars per thousand. The tax rate is multiplied by the assessed value to determine the amount of tax each property owner must pay.