Assessments and Tax Collections Information
of assessing taxes. Below are some terms to know:
Assessed Value - A value assigned by an assessor. It does not necessarily represent the
true market value or even the full value. Some assessors purposely place assessments
at a fraction of the full or market value.
True or Full Value - a calculated value the is intended to mirror the Fair Market Value.
Fair Market Value - Value of the home on the open market, determined by the buyer and
the seller. It is an agreed upon price that a buyer is willing to pay for the property and
what the seller is willing to accept.
Assessor - Appointed by the town to determine property values.
Appraiser - Hired independently by homeowner, home buyer, insurance carrier or bank to
determine value of home
Definition - The total amount of taxes to be collected.
Each town, village, county or school district sets its own tax levy independently. The levy is set based on budgetary needs and is independent of the assessments. The tax levy is not the result of the assessments.
Below is a slide deck with additional information about assessments, the tax levy and tax rates. Also included is a property tax calculation spreadsheet.