This article is part of a series to provide information relating to the components of assessed valuation, property classifications and how to analyze a unit’s tax base.
The County Assessor’s office distinguishes properties by the property classifications listed above. It is possible for one parcel to have different types of property (i.e. homestead property and agricultural land). Calculations for the Circuit Breaker Tax Caps (1%, 2% and 3%) are based upon these property classifications. The Tax Caps for different types of properties are in the table below:
A future article will provide more information on how you can take this information to understand more about your tax base and the implications on Tax Cap losses, and the effect of legislative changes on assessed valuation.
For more information on this topic, or to learn how Baker Tilly municipal specialists can help, contact our team.
Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly-owned subsidiary of Baker Tilly Virchow Krause, LLP, an accounting firm.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax advice, if any, contained in this communication was not intended or written to be used by any taxpayer for the purpose of avoiding penalties.