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Q:  Who values your property?

A:  State law requires that county assessors appraise property at 100 percent of its true and fair market value in money, according to the highest and best use of the property. Fair market value or true value is the amount that a willing and unobligated buyer is willing to pay a willing and unobligated seller. The county assessor values real property using one or more of three professional appraisal methods. Further detailed explanations on these methods can be found in our publication, A Homeowner's Guide to Property Taxes.

Real property includes land, improvements to land, structures, and certain equipment affixed to structures. Personal property includes furnishings, machinery and equipment, fixtures, supplies, and tools. The primary characteristic of personal property is its mobility. Personal property tax applies to personal property used when conducting business or to other personal property not exempt by law. Most personal property owned by individuals is specifically exempt. However, if these items are used in a business, personal property tax applies.

Everyone who uses personal property in a business or has taxable personal property must complete a personal property affidavit. This affidavit must be filed with your county assessor's office by April 30 of each year. The assessor uses the affidavit to value your personal property for taxes due the following year. Personal property tax rates are the same as for real property. For detailed information about personal property tax, please refer to the Personal Property Tax fact sheet.
More information
A Homeowner's Guide to Property Tax (pdf)
Personal Property Tax (pdf)
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