How is property assessed?
Real Property assessments are based on market values and are assessed yearly by the Assessing Department. Assessment notices are mailed to taxpayers of record in late February of each year. Personal Property assessments originate from a filing of a statement by the taxpayer. If a Personal Property statement is not furnished, the assessor is authorized to assess such amount of Personal Property as deemed reasonable and just. The business property owner is required by law to report the value of property owned on a Personal Property statement provided by the assessor.
The fair market value of motor vehicles, for assessment purposes, is the average trade-in value, as of January 1 of the year in which the tax is assessed, as shown in the National Automobile Dealers Association (NADA) Official Used Car Guide. New vehicles that do not appear in the NADA Guide are assessed at 95% of the manufacturer’s suggested retail price (MSRP).
Real property assessments are based on market values and are assessed yearly by the assessor’s department. Assessment notices are mailed to taxpayers of record in January of each year. An important part of assessing property is the appeal process. Real property assessments can be appealed at the March and December boards of review. Personal property assessments originate from a filing of a statement by the taxpayer. If a personal property statement is not furnished the assessor, he/she is authorized to assess such amount of personal property as deemed reasonable and just. The business property owner is required by law to report the value of property owned on a personal property statement form provided by the local assessor. Assessment notices are also mailed to business personal property owners in January of each year. Personal property assessments can also be appealed at the March board of review.
Idaho law requires that all nonexempt property be assessed at market value each year. By comparing current sales of similar properties, the assessor estimates how much a buyer might reasonably pay for your home if it was for sale. Two similar properties in different areas may end up with very different assessed values after certain factors are weighed, including: general location, distance from schools and shopping, quality of surrounding properties and neighborhood amenities such as parks. The market approach to appraisal, which is described above, is most useful in determining the value of residential properties. Additional methods are used to assess commercial and agricultural properties. Remember: The assessor does not set a value for your property. He or she just estimates what price it would bring if it were on the market.
Real property assessments are based on market values and are assessed yearly by the Assessor’s Department. Assessment notices are mailed to taxpayers of record in February of each year. An important part of assessing property is the appeal process. Real property assessments can be appealed at the March Board of Review. Personal property assessments originate from a filing of a statement by the taxpayer. If a personal property statement is not furnished the assessor, he/she is authorized to assess such amount of personal property as deemed reasonable and just. The business property owner is required by law to report the value of property owned on a personal property statement form provided by the local assessor. Assessment notices are mailed to business personal property owners in February of each year. Personal property assessments can also be appealed at the March Board of Review. For more information on property assessments contact the Owosso City Assessor’s Office – (989) 725-0530.
