The assessor determines the market value of the property. For real property, the market value is determined as of January 1 of the odd numbered years. For personal property it is determined each January 1. Market value of vehicles is determined by the October issue of the NADA.
Once market value has been determined, the assessor calculates a percentage of that value to arrive at assessed value. The percentage is based on the classification, determined by the type of property or how it is used. The percentages are:
| Real Estate | Personal | |||
| Residential |
19% |
Historic Autos |
5% |
|
| Agriculture |
12% |
Farm Equip, Livestock |
12% |
|
| Commercial, etc |
32% |
Grain |
½% |
|
| Cars, Boats, etc |
33 1/3% |
|||
As an example, a residence with a market value of $50,000 would be assessed at 19%, which would place its assessed value at $9,500. An automobile with a market value of $10,000 would be assessed at 33 1/3%, or $3,333.
After the assessed value is calculated, the tax levy is applied. So using the example above if the assessed value is $9,500 and the levy is $7.00 per $100 value assessed, the tax bill would be $665 ($9500 x $7 / 100 OR $9,500 x .07)
Please see our Property Reassessment and Taxation brochure for complete information.