![]() The amount of money that a taxing body requires to be collected through the property tax system. ImprovementĪny structure, addition or other product of labor which is attached, lying upon or within the land that may not be removed without physical stress. This term is used in two different contexts: 1) The process in which the county clerk determines the tax rate needed to raise the revenue certified to the clerk by each taxing body in the county and 2) The actual dollar amount of revenue resulting from the tax rate when it is multiplied by the assessed value of a district. This calculation gives the value of the property to which the tax rate is applied. The assessed value multiplied by the county and/or state multiplier. The process of providing uniform aggregate assessments between townships and counties (see multiplier). The Board of Review has specific statutory responsibilities to perform during a designated period of time. Board of ReviewĪ panel of three residents of a county, experienced in real estate appraisal, who review complaints filed by individual taxpayers. The government official responsible for establishing the value of property for ad valorem tax purposes. The percentage of full value at which property is assessed as mandated by state law. The official act of discovering, listing and appraising property for ad valorem tax purposes – currently 33.33 percent. The value placed upon property after multiplying the assessment level by the market value. Below, for your convenience, are definitions of several terms which are used frequently in discussing the property tax system.
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