An estimate of value assigned to taxable property by the assessor for purposes of taxation.
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.
The total assessed value of all taxable property in the city.
The total amount of property tax money that a taxing unit (such as the schools, city, county, etc.) needs to raise to provide services.
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.