Assessed value and taxable value are not synonymous terms.
Property is assessed as of January 1st.
Property is reassessed every two years.
Taxes are levied on a value determined by the auditor by applying a "roll back"
percentage to the assessed value and deducting any applicable exemptions or credits.
The "roll back" percentages vary each year.
On values determined as of January 1st, one does not pay taxes until eighteen months later.
The "roll back" is the percentage of actual value that is determined by the Director of Revenue and Finance each year on the several classes of property where the total value increase STATEWIDE exceeds four percent for each class of property.
The percentage so determined by the Director of Revenue and Finance are certified to and applied by the local county auditor to all property in each class effected throughout the State.
Percentages determined by the Director of Revenues and Finance are the same for all the assessing jurisdictions in the State. Increases in assessed value of individual parcels of property, as determined by the assessor, may exceed four percent within a jurisdiction.
Agricultural property, except agricultural dwellings, are assessed on the basis of productivity and net earning capacity using a five year crop average and capitalized at the rate set by the Legislature. The rate is currently seven percent.
Tentative and final equalization orders are issued by the Director of Revenue and Finance in odd numbered years on or about August 15th, and October 1st respectively.
The orders are sent to the various county auditors who apply them to the classes of property affected, if any.
