Assessed Value
An estimate of value assigned to taxable property by the assessor for purposes of taxation. State law requires all assessments to be at 100% of market value. Assessed values are closer to market value following a revaluation. In non-revaluation years, assessed values reflect a fraction of market value due to the assessments remaining the same while properties increase in value.
Market Value
The amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell, and the buyer must be willing (but not under an obligation) to buy. The property must be on the open market for a reasonable length of time, the payment must be cash or it's equivalent, and the financing must be typical for that type of property.
Property Tax
Assessed value multiplied by the tax rate ($150,000 x .03000 = $4,500).
Revaluation
When the assessor assigns a new value to all taxable property in a given year using current real estate sales activity. A revaluation is performed to assure each property is assessed at market value and pays only its fair share of taxes.
Tax Base
The total assessed value of all assessments in the City.
Tax Levy (budget)
The total amount of property tax money that a taxing district (such as the schools, city, county, etc.) needs to provide services.
Tax Rate
The tax levy (budget) divided by the tax base. It is often expressed in terms of dollars per thousand ($30.00 per thousand or .03000).