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Real Property - All land and the buildings, structures or improvements on that land.
Personal Property - All things other than real estate which have value such as cars, trucks, boats, motorcycles and airplanes, and items used in a business such as furniture, fixtures and equipment.
Market Value - The amount that property can reasonably be expected to sell for on the open market with a willing buyer and a willing seller.
Assessment Ratio - The percentage of your property’s value which is subject to taxation. For example, the assessment ratio of residential property is 4%. Multiply your home’s fair market value by the assessment ratio of 4% to determine assessed value.
Assessed Value or Assessment - An appraisal or fair market value of real or personal property multiplied by the appropriate corresponding ratio equals the assessment or assessed value. Assessed value times the millage rate equals the amount of property tax due.
Reassessment - Process required by state law to determine the change in market value of property over a certain period of time in order to provide equity among taxpayers. Reassessment is a revaluation of real estate.
Millage Rate - The amount of mills levied in order to meet the budget of a school district, county, city or other political subdivision. One mill equals 1/1000 of a dollar or 1/10 of a cent. If the tax rate is 256 mills, multiply .256 by the assessed value to determine the amount of property tax due.
Tax Receipt Number –A “Receipt Number” identifies each individual tax bill issued for each Tax Year. The “Receipt Number” is used to link the billing and payment records for each tax bill. The “Receipt Number” appears twice on a tax bill: on the third line of the information listed at the top right corner of the bill, and at the left side of the third line down from the perforation (detach line) at the bottom of the bill. Online payment of the tax bill requires the taxpayer to enter the “Receipt Number” of the tax bill the taxpayer wishes to pay. (The part of the tax bill below the detach line literally is the unpaid receipt for the taxes. It becomes a paid receipt once payment is received and that section of the form is “validated” by the stamp of the Treasurer’s Office.)
Tax Year - The year that the tax bill is received payable by January 15 of the next year.
TMS (Tax Map System), TMS # - The “TMS” number links ownership and map location information. This information is maintained by the County Assessor’s Office. This includes “tax maps” that show all the parcels of land in the county, each labeled with its own TMS number that links back to current ownership information for each parcel.
Penalty Amount – Amount required by law to be added to the total tax due for late payment of total taxes due on a specific property tax bill.
Execution Cost – Amount charged in addition to penalties to support the process of collecting unpaid property taxes after the third penalty date has passed and the Treasurer has turned over unpaid property tax bills to the Delinquent Tax Department for collection.
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