The Assessment Cycle

Every person owning or holding real property or tangible personal property on the first day of January, including all such property purchased on that day, shall be liable for taxes thereon during the same calendar year.

Personal Property:

Personal property is assessed each year. Assessment lists are filed by taxpayers with the assessor after January 1, and before March 1 of every year. In most counties, the taxpayer is required to list the make, model, and age of autos, and the purchase price and year of acquisition for machinery, office equipment, etc. Vehicle values are predominantly from the N.A.D.A. vehicle value guides, per statute, and from other valuation guides and/or market data for other types of personal property. Business equipment is generally valued based on cost/depreciation tables as applied to acquisition cost(s) of equipment, supplemented with market data where available. State statutes require penalties be enforced on all personal property assessment lists that are not returned to the assessor on time.

Real Estate:

Real estate is valued on a biennial basis (every two years) which falls on the odd-numbered years (2003, 2005, 2007, etc.) The assessor determines the value and classification of all real estate in the county and makes any adjustments warranted by market data to reflect market value per Constitutional mandate. Value adjustments can be made in the even numbered year if there is new construction, alterations, additions or deletions to any property.

During any reassessment, the assessor is only required to send notice to those property owners whose value has increased. If the property value remains the same or decreases, no notification is required.

2 Year Maintenance Plan:

Each county is required to develop and follow a comprehensive two-year assessment maintenance plan agreed upon by the county assessor, the county commission, and the State Tax Commission. The plan covers all aspects of the assessment process, the two-year time frame covering each reassessment period.