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How
is property valued? |
| State
law requires that County Assessors value all taxable
property at 100% of its true and fair market value in
terms of money, according to the hightest and best use
of the property. All real and personal property is subject
to tax. Recent sales of comparable property are used
to help set values. |
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What
is market value? |
| The
amount of money that a willing and unobligated buyer
is willing to pay a willing unobligated seller. |
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How
often does the county appraise my property? |
| All
taxable property in Franklin County is physically inspected at least once every six years on a cyclical basis. In addition, assessed values are updated county-wide on an annual basis by statistical analysis. |
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If
the house next door sells to an out-of-state buyer
for much more than it is worth, will it affect my taxes? |
| Not
necessarily, because a single property sale does not
establish the market value for surrounding properties. |
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Do
I have to let the county appraiser come into my house
or onto my property? |
| No.
In fact, it is generally not necessary for an appraiser
to view the interior of a home that has been appraised
previously. If access is refused, the appraiser must
estimate the value of the property using whatever information
he or she has available. |
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How
do I appeal the assessed value? |
| File
a completed appeal petition with the county Board of
Equalization by July 1 of the assessment year or within
30 days of when the change of value notice was mailed.
Appeal forms are available from the clerk of the board
or the Assessor's office. To appeal a valuation, you
must show where the Assessor has erred in the property
assessment. |
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Is
it possible to make a "ballpark estimate" of
how much the taxes will be on a piece of property that
I am thinking about buying (or a structure that I might
build)? |
| The
average 2008 tax rate in Franklin County is about $12.31
per $1000 of assessed valuation. Rates vary from area
to area and from year to year, but multiplying the number
of thousands of dollars of price or cost by $12.31 will
provide a rough estimate of taxes. |
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Why
do property taxes vary throughout the county? |
| The
differences are due to three factors: the varying combination
of taxing districts in different areas of the county
(schools, fire or water districts, etc.); the size of
the budget for each taxing district; the amount of voter-approved
special levies and bonds. |
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What
is the 101% lid law? |
| The
regular property tax levy of a taxing district is limited
to 101% of the highest levy since 1985, plus amounts
attributable to new construction within the boundaries
of the district or annexations to the district. |
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What
is the personal property tax? |
| Business
machinery, equipment, and supplies are fully taxable,
and are assessed as personal property. Household goods
and personal effects are exempt form the property tax. |
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