REAL ESTATE DATA COLLECTION
State statutes require that all properties be physically inspected and remeasured by an appraiser at least once in a six-year period. This helps ensure that all new construction and changes to existing improvements are discovered and added to the tax rolls. It also helps clean up the current data on the property should errors be found.
Back in the office, the appraiser uses the data to analyze the property based on age, size, components and style of construction.
We appreciate all the information you're willing to share to keep our information on your property as accurate as possible.
In between the 6 year period it greatly helps if you let our office know if there have been any changes made by the property owner or distroyed|removed|damaged by the elements.
The appraiser's office receives permits from the city offices within the county to help keep up to date with new construction.
2022 our office will be data collecting Phillipsburg Township
REAL ESTATE VALUATION NOTICES
The Appraiser mails notices of appraised values to the owners of each property on the first of March each year.
The valuation is determined by the property as it set January 1 of the current year.
The Annual Notice of Valuation form will provide current year's and previous year's history of your property's valuation.
REAL ESTATE CALCULATING ASSESSED VALUES
To calculate assessed value, multiply the appraised value by one of the following state assessment rate:
|Property Tax||Assessment Rate|
|Commercial / Industrial||25%|
|Residences on Farm Homesites||11.5%|
|All other rural and urban property||30%|
**By law agriculture land is not valued at fair market value, but value by productivity and use.
EXAMPLE: Fair Market Value of the Residential Home: $150,000
Assessment Rate: 11.5%
$150,000 x 11.5% = $17,250
Assessed Value: $17,250 Mill Levy: 120 Mills or 0.120 $17,250 x 0.120 = $2,070 Amount of Taxes