What are the different types of property tax assessments (e.g. millage rate, ad valorem)?
Property tax assessments are used to determine the value of a property for the purpose of calculating property taxes. There are several types of property tax assessments, including:
Millage rate: The millage rate is a measure of the property tax rate that is used to calculate property taxes. It is expressed as a percentage of the property's value and is typically set by local governments or school districts.
Ad valorem: Ad valorem property taxes are based on the value of the property. They are calculated by multiplying the value of the property by the millage rate.
Property value: The value of a property for property tax purposes is typically determined by a property tax assessor, who uses a variety of methods to estimate the value of the property. These methods may include a physical inspection of the property, a comparison to similar properties that have recently sold in the area, or an analysis of the property's features and characteristics.
Taxable value: The taxable value of a property is the value of the property that is used to calculate property taxes. It may be different from the market value of the property, as it may be adjusted by various exemptions or exclusions that are allowed under state law.
The specific property tax assessment methods that are used will depend on the jurisdiction where the property is located. It's a good idea to familiarize yourself with the property tax assessment methods that are used in your area to understand how your property taxes are calculated.