What is Real Property?
What Is The Property Tax?
Ad Valorem Tax – Based on the value of Real Property
- Funds Schools
- Pays for Police and Fire Protection
- Maintains Roads
- Funds Municipal Services enjoyed by residents
Who Raises Property Taxes?
- School Districts
- Special Districts
- State does not Collect Property Taxes, it is a local tax
What Determines The Amount Of A Property Tax Bill?
- Properties Taxable Assessment
- Tax Rate of Jurisdiction
What Property Is Assessed?
- Every Parcel in an assessing unit is assessed.
- Real Property is defined as land and any permanent structure attached.
Is All Real Property Taxable?
- All Real Property is NOT taxable
- Some property is wholly exempt ( i.e. religious or government properties)
- Partially exempt (i.e. owner is a veteran or STAR exemption)
Who Makes The Determination Of A Properties Assessment And Whether It Is Taxable Or Exempt?
- Assessors – elected or appointed officer charged by law with the duty of assessing real property for taxation or special advalorem levies
What Is An Assessment?
- Valuation of Real Property
- Whether or not real property is subject to taxation or levies
What Is The Standard Of Assessment In Clinton County?
What Is Market Value?
- Highest Price estimated in terms of money
- Sale exposed for reasonable time on open market
- Buyer and Seller acting without compulsion
- Full knowledge of all uses of the property
What Constitutes Value?
- Utility of Property
- Marketable or transferable
- Financial Climate
How Does An Assessor Determine A Property’s Assessment?
- Market: Analysis of Current Sales of Similar Property
- Cost: Determine replacement cost of building minus physical, economic and functional depreciation
- Income: Determine income producing ability of property minus legal expenses, capitalized
Is A School District An Assessing Unit?
- Tax Levying Unit
- Does NOT assess real property
- Adopt town assessment rolls
What Are Some Of The Difficulties Of School Assessment Rolls?
- Not an assessing unit.
- No control of roll
- Several town are in a district
- Different standard of assessment
- Different levels of expertise amongst assessors
- Different exemption levels
- Different economies