On values determined as of January 1st, one does not start to pay taxes until eighteen months later.
The "roll back" is the percentage of actual value that is determined by the Director of Revenue and Finance each year on the several classes of property where the total value increase STATEWIDE, exceeds four percent for each class of property. The percentage so determined by the Director of Revenue and Finance is certified to and applied by the local county auditor to all property in each class affected throughout the State. Percentages determined by the Director of Revenue and Finance is the same for all the assessing jurisdictions in the State.
Increases in assessed value of individual parcels of property as determined by the Assessor, may exceed four percent within a jurisdiction.
Agricultural property, except agricultural dwellings, are assessed on the basis of productivity and net earning capacity using a five-year crop average and capitalized at a rate set by the Legislature. The rate is currently seven percent. The Director of Revenue and Finance issues tentative and final equalization orders in odd numbered years on or about August 15th, and October 1st respectively. The orders are sent to the various county auditors who apply them to the classes of property affected, if any.
Assessors and members of the Board of Review are appointed to their terms of office. Assessors, in addition to completing the required 150 hours of Continuing Education, must be approved by a majority vote of the Conference Board in order to be reappointed.
If you desire further information, questions concerning PROPERTY VALUES or other information relating thereto should be addressed to the Assessor’s office in the respective jurisdiction and not the Board of Supervisors or Treasurer.
Questions relating to taxes should be addressed to the local county treasurer.
Tax Levies and Assessed Values
There are a number of different taxing districts in a jurisdiction, each with a different levy.
Each year the County Auditor determines for that district a levy that will yield enough money to pay for schools, police and fire protection, road maintenance and other services budgeted for in the area. The tax levy is applied to each $1,000 of a property's taxable value.
The value determined by the assessor is the assessed value and is the value indicated on the assessment roll.
The taxable value is the value determined by the auditor after application of state ordered "rollback" percentages for the various classes of property and is the value indicated on the tax statement.
When comparing the value of your property with other properties always compare with the value on the assessment roll or the assessor's property record cards and not the value indicated on the tax statement.
Things to Remember about Property Tax
- Assessed value and taxable value are not synonymous terms.
- Property is assessed as of January 1st.
- Property is re-assessed every two years.
- Taxes are levied on a value determined by the auditor by applying a "roll back" percentage to the assessed value and deducting any applicable exemptions or credits. The "roll back" percentages vary each year.
$100,000 - Assessed value (Residential)
x 0.550743 - Rollback (changes yearly)
= $55,074 - Taxable Value
-4,850 - Homestead Credit
= $50,224 - Net Taxable Value
x 0.03315773 - levy $33.15733 per thousand (varies with taxing district)
= $1,665 property taxes (rounded)