Terms Listed on Your Notice of Valuation

Classification

Classification of your property is mandated by state law and is based on the primary or most likely use of your property. Read our classification descriptions to better understand your property's classification.

Disabled Veterans Homestead Market Value Exclusion

The Disabled Veterans Homestead Market Value Exclusion is a program for disabled veterans; those who qualify may be eligible for a valuation exclusion on their homestead property.

Estimated Market Value

The estimated market value is the most probable sale price in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably allowing sufficient time for sale and assuming that the transaction is not affected by undue pressures. 

What this simply means is what you could sell your property for in today's real estate market. State law requires assessors to value property at 100% of market value.

Green Acres

Green Acres is a program which applies to class 2a agricultural property that is facing increasing values due to development pressures not related to the agricultural value of the land. The value is determined by looking at what comparable agricultural land is selling for in areas where there is no development pressure. 

The taxes on the higher value are deferred until the property is sold, changes ownership, is withdrawn, or no longer qualifies for the program.

Rural Preserve

Rural Preserve (new for the 2011 Assessment) applies to 2a agricultural land and 2b rural vacant land that is part of a farm homestead or that had previously been enrolled in the Green Acres program. This value is determined by looking at what comparable farmland is selling for in areas with no development pressure. 

The taxes on the higher value are deferred until the property is sold, changes ownership, is withdrawn, or no longer qualifies for the program.

Taxable Market Value

Taxable market value is the net value on which your property taxes are based, after all reductions, exemptions, exclusions, and deferrals. 

Your taxable market value, along with the class rate and the budgets of your local government, will determine how much you will pay in taxes in the following year.

Value of New Improvements

Value of new improvements is the value placed on the property because of additions, remodeling, and other changes that the assessor estimated to have added value to the property. 

This can include value of improvements which have previously been omitted from valuation.