Chapter 19 – Taxes on Real Property

 

Who Pays Property Tax?

 

 

  • Registered Owner of the interest in the property includes:

 

o Registered owner of an estate in fee simple

o Registered owner of a life estate

o Registered holder of an Agreement for Sale

 

  • The owner may or may not be the occupier of the property
  • The registered owner would not have a lease
  • Charities are exempt from paying taxes

 

Which values are taxed?

 

 

  • The value shown on the assessment notice
  • Assessor’s estimate of what market value could sell for
  • Factors that influence the assessor’s decision of what is taxable are:

 

o Present use

o Location

o Rental or Revenue potential

o Original cost

o Replacement cost

o Selling price

o Obsolescence

 

  • Classification

 

o Residential

o Utilities

o Forest Land

o Major Industry

o Light Industry

o Business

o Recreation

o Farm

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