{"id":369415,"date":"2016-04-04T10:47:27","date_gmt":"2016-04-04T15:47:27","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/owning-a-home\/property-tax-assessments.html"},"modified":"2024-01-02T12:34:12","modified_gmt":"2024-01-02T17:34:12","slug":"property-tax-assessments","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/owning-a-home\/property-tax-assessments.html","title":{"rendered":"Property Tax Assessments"},"content":{"rendered":"\n
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Property Tax Assessments<\/h1>\n
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\n By Robert Rafii, Esq.<\/a> | Legally reviewed by Aisha Success, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

A property tax<\/a> assessment usually estimates what real property is worth. In residential property, it does not include tangible personal property like furniture. Instead, taxing authorities will look at the taxable value of the land and the improvements (buildings) on it. A county government audit or reassessment determines real estate taxes for each tax year.<\/p>\r\n

This property valuation helps decide what part of the local property tax levy to bill. Once the assessor determines this, the value gets multiplied by the tax rates, sometimes known as the "mill rate." This determines how much tax the owner must pay<\/a> on that property. Many state tax laws use full market value (or a fraction of it) in their assessment processes for property tax bills.<\/p>\r\n

Assessors "value" property for ad valorem tax purposes<\/a>. For example, a real estate assessment may determine property value through its:<\/p>\r\n