What are some common glossary terms?

Capped Value (CAP): Last year's taxable value, less losses, increased by the amount of the Consumer Price Index (CPI) or 5%, whichever is lower, plus the value of new construction.

Consumer Price Index (CPI): Determined by the U.S. Bureau of Labor Statistics.

Assessed Value (AV): Half of the True Cash Value

State Equalized Value (SEV): County and State Equalization studies are performed after the local municipalities have finalized their assessment rolls which results in a factor applied to the assessed values.

Taxable Value (TV): The lesser of the SEV and the CAPPED Value. Property taxes are determined by multiplying the taxable value by the millage rate.

Personal Property: Personal Property is identified as the tangible assets of a business, inclusive of all related trade fixtures, though not real estate.

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1. What are some common glossary terms?
2. When is tax day?
3. What is a Property Transfer Affidavit?
4. How do I file for a transfer of ownership for a property?
5. Do you charge for a duplicate tax bill?