Below are definitions of the terms found on your tax bill
- Market Value — The amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and a willing seller.
- Assessed Value — The value placed on property for tax purposes and the basis for determining what portion of the overall tax burden each property owner will bear. Equalization Factor or Multiplier – The equalization factor (sometimes called a multiplier) is the tool used to bring all property to a uniform level of assessment.
- Equalized Assessed (EAV) — The equalized assessed value, or EAV, is the result of applying the state equalization factor to the assessed value of a parcel of property. Tax bills are calculated by multiplying the EAV (after any deductions for homesteads) by the tax rate.
- Exemption — The removal of property from the tax base. An exemption may only be a portion of the equalized assessed value, such as a homestead exemption, or for the complete amount of the equalized assessed value, such as a church building used exclusively for religious purposes or a non-profit origination. This page has more information on exemptions.
- Tax Rate —The amount of tax due, stated in terms of a percentage of the tax base. (Example: $6.81 per $100 of equalized assessed valuation (equal to 6.81%). You can obtain this percentage by dividing the levy for a fund by the equalized assessed value for the taxing district. Some funds have a maximum statutory tax rate that may not be exceeded. The sum of the fund rates equals the total district rate.
- Taxing District — (amount of taxes collected for each district) – Any unit of local government, school district or community college district with the power to levy property taxes.
- Tax Code — A number used by the county clerk that refers to a specific combination of taxing bodies.