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What are property classes?

April 26, 2017classes Property

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What are property classes?

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All assessable property is allocated to classes that are defined in The Classification of Property and Portioned Values Regulation. There are 10 classes and each one has a portion percentage associated with it, meaning that only a certain portion of market value is used when calculating property taxes. For example, residential property pays tax on 45% of its market value and farm property pays on 26% of its market value. The “portioned assessments” appear on the property tax bill as the amount to which mill rates are applied. A property can have more than one class.