Assessed value and taxable value are not synonymous terms.
When is property assessed?
Property is assessed as of January First.
Property is reassessed every two years in the odd numbered year.
How are taxes determined from the assessment?
Taxes are levied on a value determined by the County Auditor by applying a "rollback" percentage to the assessed value and deducting any applicable exemptions or credits. The "rollback" percentages vary each year.
On values determined as of January 1st, one does not start to pay taxes until eighteen months later.
The "rollback" 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 County Auditor to all property in each class effected throughout the state. The rollback percentages 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 County Auditor who applies them to the classes of property affected, if any.
What dates are important to remember?
January 1 - Effective date of current assessment.
April 1 thru April 30 inclusive - Protest of assessment period for filing with the local Board of Review.
May 1 thru adjournment - Board of Review meets each year.
October 16 thru October 25 inclusive - Protest period for filing with the Board of Review on those properties affected by changes in value as a result of the Director of Revenue and Finance Equalization Orders (odd numbered years).
Who appoints the assessor?
Assessors and members of the Board of Review are appointed to their term 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.
What if I have further questions?
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. Questions relating to taxes should be addressed to the County Treasurer.