State law requires that county assessors appraise all 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.
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 exempted by law. Most personal
property owned by individuals is specifically exempt. However, if these
items are used in a business, personal property tax applies.
For more information on how your residential property is assessed and valued see A Homeowner's Guide to Property Taxes (pdf) or other information at Find a Property Tax Lawyer.
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