On values determined as of January First, 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 are 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. Tentative and final equalization orders are issued by the
Director of Revenue and Finance 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.
