Posted on: 07th Mar, 2007 09:46 am
I would like to know on what basis property taxes are determined, is it based on value of the property or any other condition, I live in washington….thanks for your help.
Hi McAlexander,
Welcome to Mortgagefit discussion board.
The amount of your property tax is based on:
1. Assessed value of your property and
2. The tax rates in your taxing jurisdiction.
The assessed value of your property is determined by the assessor by taking into consideration the estimated present market value of the property after deducting applicable property tax exemptions.
While the tax rate is based upon the amount of tax levy which is to be raised from all parts of the taxing district & the taxable assessed value of all type of property situated in the district.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
The amount of your property tax is based on:
1. Assessed value of your property and
2. The tax rates in your taxing jurisdiction.
The assessed value of your property is determined by the assessor by taking into consideration the estimated present market value of the property after deducting applicable property tax exemptions.
While the tax rate is based upon the amount of tax levy which is to be raised from all parts of the taxing district & the taxable assessed value of all type of property situated in the district.
Do let me know if you have any other questions.
Thanks
Blue
Thanks blue for the response but what is a tax levy that you mentioned which is used for finding the tax rate and what can I do if I do not agree with what has been given as the current assessed value of my property, if you can provide some details it would be very helpful , thanks again.
Hi McAlexander,
In the budget how much money is to be raised as property taxes from a tax jurisdiction/local government is set and this total amount is called the property tax levy. Local government consists of various taxing districts and this tax levy would be higher or lower in the next year is decided by the budget making authorities of the local government.
It might happen that some error occurred in the assessment process and what has been provided as your property's assessed value is not correct. You can contact the assessor's office to review valuation of the property. Oftentimes disagreements can be settled at this level without having to file any formal appeal.
But if you are not satisfied with the reason provided for the assessed value as it is presently than you should file a written appeal with your county's Board of Equalization which is normally situated at the county courthouse.
The appeal form would be available at the assessor's office as well as county board of equalization office. You will have to file your appeal petition by 1st July of the assessment year or within thirty days of the notice of change of value was mailed to you.
David
In the budget how much money is to be raised as property taxes from a tax jurisdiction/local government is set and this total amount is called the property tax levy. Local government consists of various taxing districts and this tax levy would be higher or lower in the next year is decided by the budget making authorities of the local government.
It might happen that some error occurred in the assessment process and what has been provided as your property's assessed value is not correct. You can contact the assessor's office to review valuation of the property. Oftentimes disagreements can be settled at this level without having to file any formal appeal.
But if you are not satisfied with the reason provided for the assessed value as it is presently than you should file a written appeal with your county's Board of Equalization which is normally situated at the county courthouse.
The appeal form would be available at the assessor's office as well as county board of equalization office. You will have to file your appeal petition by 1st July of the assessment year or within thirty days of the notice of change of value was mailed to you.
David
Hi McAlexander,
You can check out the Property tax levy reports by following this linkfor more information. Hope this will help you.......
http://www.michigan.gov/treasury/
You can check out the Property tax levy reports by following this linkfor more information. Hope this will help you.......
http://www.michigan.gov/treasury/