Legal Definitions Related to Property Taxes
Having practiced in the area of property tax appeals for 40 years, I am able to serve as a vital source of information for my clients. Using my thorough knowledge of the law, I can smoothly guide you through the appeals process, working to save you time and money.
The legal area of property tax appeals is complex. There are specific words often found in documents pertaining to this area that may be difficult to understand. Listed below are definitions of some common real property assessment appeal terms.
Ad Valorem Taxation
Ad valorem taxation is a tax based on the value of the property. The most common ad valorem property taxes are those imposed by states, counties and cities on real estate. For example, if the ad valorem tax rate on your property is 1%, the tax would be $1 per $100 of assessed value. A property valued at $300,000 would be assessed an additional $3,000 in taxes.
Income-producing property is property that earns money for the owner of the property from rents charged to tenants who occupy the property. This rental income can be earned through such venues as:
Residential property refers to property owned and resided in by people. It may also refer to property that is rented out for residential purposes and whose owners are responsible for paying property taxes by terms of their lease. Condominiums are included in this definition.
Owner-occupied property refers to industrial or commercial property that is occupied by the owner.
Tax Assessment Notice
Tax assessment notices are sent to taxpayers and indicate then-assessed and taxable values for the year.
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