General Questions
How is the Department of Revenue involved?
Through its Division of Local Services, the unit that has regulatory and assistance responsibilities for municipal finance and taxation, the Department staff certifies both valuations and tax rates for the cities and towns.
The Division of Local Services functions through four (4) Bureaus:
- Local Assessment
- Property Tax
- Municipal Data Mgmt / Technical Assistance
- Accounts
In order to certify valuations, the Bureau Of Local Assessment reviews data submitted by the Assessors and conducts field reviews to assure that the valuations are properly derived and equitably applied.
To certify a tax rate, the Property Tax Bureau looks over the various items that make up the estimated municipal revenue base and makes certain that the calculations for each category fall within the requirements of various laws, including Proposition 2 1/2.
The Municipal Data Management/Technical Assistance Bureau prepares the annual Cherry Sheets (estimates of local aid and state aid county assessments for the next fiscal year) for Assessors and other local officials. It also coordinates the Division’s technical assistance program, working with all fiscal officers.
The Bureau Of Accounts oversees and provides technical assistance in municipal audits, accounting, and financial reporting. The Division provides guidelines that inform local officials of new and updated laws and prepares specialized publication for municipal use. It also conducts training courses for fiscal officials, offers workshops, training course and seminars throughout the year, and participates actively and cooperatively in local officials’ organizations such as the MAAO and the IAAO.
What does 100% of full and fair market value mean?
Full and Fair Market Value Indicates:
- Typically motivated buyer and seller
- Both parties well informed or well advised and acting in what they consider their best interests
- A reasonable time being exposed to the open market
- Payment made in terms of cash and/or in terms of financial arrangements
- The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions
What is Proposition 2 1/2, and how does it affect my assessment?
Under Proposition 2 1/2, a municipality is subject to two property tax limits:
- Ceiling: The total annual property tax revenue raised by a municipality shall not exceed 2.5% of the assessed value of all taxable property contained in it.
- Increase limit: The annual increases of property tax cannot exceed 2.5%, plus the amount attributable to taxes that are from new real property (new growth).
These limits refer to the entire amount of the annual tax levy raised by a municipality.
How do I check property information?
You can search online (click here to search) or call or visit the Assessors Office for ownership information.
Can I view assessors property maps?
Yes, you can view the maps in the Assessor's Office or online (click here to see maps).