The Assessor's office mails a Valuation notice to each property owner in March every year. They are currently being mailed along with the current year tax statements.
The assessment date is January 2 and forms the basis for the following year's tax. For example, a valuation notice sent in March 2023 will be the basis for your 2024 property tax.
Understanding your Valuation Notice
Each notice contains the following information:
Estimated Market Value
This value is that the assessor estimates your property would likely sell for on the open market. The notice will list both the current assessment value along with the previous year.
Value of New Improvements
If you have made any improvements to your property, this field will be populated with the value the assessor place on the new improvements.
This only applies to agricultural property that is currently enrolled in the Green Acres program. The assessor arrives at an estimated market value and also a green acre value. The taxes on the higher of the two values is deferred until the property is sold or no longer qualifies for the program. A three-year payback in deferred taxes is then required if any applies.
Taxable Market Value
This is the value that your property taxes are actually based on, after all reductions, exclusions, and deferrals. Your taxable value, along with the classification rate, and the budgets of your local government, will determine how much you will pay in taxes. The taxes you will pay in May will be determined from the previous year's taxable market value.
Remember: Your property is assessed in one year and taxed in the next.