What’s An Assessment?
Property assessment is the process of appraising and assigning a dollar value to property for taxation purposes. Market Value assessments are considered the most fair and equitable means of assessing property as those with similar properties will pay similar amounts in property tax. Guide to Property Assessment.
Some properties are have regulated values and others have non-regulated values. The Market Value assigned to a residential property is based on a valuation date of July 1st and the physical condition of the property as of Dec 31st of that year.
For example, if construction of a residential garage was started in October 2012 the assessment is prepared based on the physical condition of the garage on Dec 31st, 2012. That is, if the garage was complete, as of Dec 31st, 2012, it would be added to the 2012 Assessment. If the garage was only 60% complete, only 60 % of the completed value would be added to the 2012 Assessment. The value of the garage is then adjusted, if necessary, to reflect the market conditions as if it were in place July 1st, 2012. This is would be called the 2012 Property Assessment.
The 2012 Property Assessment is used to calculate 2013 Taxes.
How Are Taxes Calculated?
Assessors prepare the assessments.
Cypress County Council sets the tax rate. Once council approves an annual budget to operate their municipality, the revenue required is divided by the municipality’s Assessment Base.
Revenue Required / Assessment Base = Tax Rate (mill rate)
Then the tax rate is applied to each property.
Property Assessment X Tax Rate = Taxes Payable.
The Assessment Base for 2012, was $ 5.11 Billion. The following pie chart shows total assessment and percentage of the base for each property type.
What if I Disagree With My Assessment?
The goal of the assessment department is accuracy and equitable assessments. Contact the Assessment department if you have any questions or concerns regarding your assessment.
Complaints can only be heard for matters related to Assessments. Example: "I do not agree with the Market Value assigned to my property."
Tax bill and tax rate complaints may be directed toward council. Example: "I do not agree with the amount of taxes I have to pay."
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