property tax assessment ratio by state

Under Section 5.12 of the Property Tax Code, the Comptroller must audit the performance of an appraisal district if one or more of the following conditions exist in both of two consecutive annual studies conducted by the Comptroller: (1) the overall median level of appraisal for all property in the district is less than 0.75, (2) the coefficient of dispersion around the overall median level of properties used to determine the overall median level of appraisal for all property in the district exceeds .30, or (3) the difference between the median levels of appraisal for any two classes of property in the district is more than .45. Grantees are required to fill out an affidavit of conveyance, which is recorded by the county. Class ratios are calculated as well as a single county equalization rate. At least five sales per class are used in each town, supplemented by appraisals if necessary: 200 of these sales are randomly chosen statewide for appraisal each year. The Department is automating its data gathering process in the field by entering all data on laptop computers. No adjustments are made to sale prices in ratios. Property must be inspected every three years. The Board has 30 days from receipt of appeal to conduct a hearing and another 30 days to rule on the ratios. Because of the structure of local government in West Virginia (for example, all school district boundaries follow county boundaries), it is not necessary to "equalize" assessed values for either cross-district apportionment of taxes or state-aid distribution. Sales information is obtained from deeds which must be recorded at the county clerks' offices. Some counties encourage attorneys to fill out the questionnaires when they deliver the deeds to the county office. There is no disclosure law in Alabama. Taxable values of real property are comprised of the improvement's replacement cost new and the market value of land based on the use to which improvements are put. Found inside – Page 12In the event that an assessment ratio study reveals that the prevailing general assessment level within a county falls more than 10 % below the minimum assessment level prescribed by law , the [ State Tax Agency ) shall issue an order ... The state conducts annual ratio studies of county assessment rolls for the purpose of determining whether the counties are out of compliance with the statutory ratio and thus need to conduct a revaluation. At this informal stage, approximately 10% of the counties have questions about the data used. A coefficient of dispersion is used to test whether each property class has greater than a 20% average deviation from the median ratio. Property classes are further stratified into levels of sub-classes. This option has rarely been used, especially if the county submits a good plan to correct the problem. The biennial study uses sales for residential and commercial properties and supplements with appraisals of additional commercial parcels. However, there was the concern that insufficient sales may distort the ratio results. These expenditures reflect a reduction of about $3 million in total costs from the 1994-1995 budget. Within a county, properties are stratified by political subdivisions, including cities and school districts, then by sub-sets of property classes. Following completion of ratios, county appraisers have two months to informally examine results. Some also object to what they consider to be arbitrary trimming of "outlier" sales of some assessing units. According to a state official, there are only two or three agency hearings per year and only two court cases in 18 years with mixed results as to whether the state or local government opinion prevails. The ratio study methodology is reported to be widely accepted as sound, with statistics being requested by such entities as cities and utilities. Assessments are classified, but the appraised (full) value must also appear on the roll. Within a county, properties are stratified by municipality (city or town), then by property class and finally by quality levels within classes. Sales are used in all real property categories except utilities. The state reviews all sales to guard against an excessive number of sales being rejected. In Wisconsin, property assessment is the responsibility of 1,893 cities and towns. There is no requirement for a periodic revaluation but the state may require a county to conduct a revaluation if a COD is greater than 20%. The most vexing problem cited by the state official interviewed, is that the SEV factors cannot be applied to parcels that have sold more than two years prior to the valuation date of the study. Florida Department of Revenue - The Florida Department of Revenue has three primary lines of business: (1) Administer tax law for 36 taxes and fees, processing … However, property owners may use ratio study results as evidence in assessment appeals. This is primarily spent on a field and office staff of about 20 to 25 people. The state has a disclosure law on sales, through statements of consideration, and uses International Association of Assessing Officers criteria for projecting sales. County Property Tax Rates for the Last Five Years. Class specific ratios are calculated but only the overall ratio is used to judge whether a county is in compliance. The residential maximum COD is 15% and for other property 20%. Appraisals are made on all property types except on mineral rights, properties under appeal to the state, and on exempt properties. Both sales and appraisals are used in the state's ratio study. No adjustments are made in the appraisals used, but sale prices of comparables are adjusted to the appraisal valuation date. Assessment ratios must be between 10 and 15 percent, except for public utilities. it must not be lower than 18% of full value. There is no attempt to weight the sales, however, a random sample is used in selecting parcels in the appraisal categories. It cannot be used to calculate factors that will correct an inequity, nor will it indicate if a particular parcel of property has been assessed fairly. The department is required to provide an equalization factor for each county that will equalize the level of assessment at the statutory level of 33 1/3 percent of the fair cash value. Counties may appeal the Board's decisions to district court. The degree of difference from the required assessment level is measured by means of several statistical tests including the coefficient of dispersion, the Mann-Whitney test and the price related differential. Only sales are used in the ratio study. The state uses the median to compute overall and property class ratios (residential, agricultural, all other). To qualify for the special 4% property tax assessment ratio, the owner of the property must have actually owned and occupied the residence as his legal … In larger counties, 15 to 30 residential samples are used per neighborhood, but often there are less than five in smaller counties. Some do annual revaluations, while others have not done one in ten years. According to a state official, the ratio study and assessment appeal process generally accomplish the functions for which they were designed. The statutory requirement is 70% of true value in each town. Division of Property Taxation The state has the authority to issue an order to a county to perform a reappraisal in any class in which the COD was higher than allowed. This body also hears appeals of taxpayer grievances submitted to county boards of assessment review. Counties are somewhat fearful of the equalization process, especially the publicity concerning the ratio results. Data are not sampled, and every valid sale is used. Four class ratios are computed along with one composite ratio. The relationship between the assessed value and equalized value of all taxable property within a municipality. In Virginia, property assessment is performed by counties and cities. The process is more streamlined in Salt Lake County, because the state uses sales already verified by the county for its own ratio study. There is a mandatory eight-year cycle for revaluations in the 100 counties of the state. In calendar year 2019 (the most recent … The study period reflected in a ratio report is the calendar year preceding the report. In addition, the state computes a price related differential and the acceptable range is .92 to 1.08. This policy focus report examines options that exist for timely and efficient aid to needy taxpayers, including circuit breaker programs that reduce taxes based on income level; truth in taxation measures; deferral options on property tax ... The ratios are forwarded to the assessors, along with other statistical measures of level of assessment, such as the coefficient of dispersion. An evaluation of the state's ratio study program has been issued by the Wyoming Board of Equalization. Assessors are notified of their equalized values. The assessing function in the State of Iowa is performed by the 99 counties and 8 large cities in the state. The state does not sample for sales, but instead uses all valid sales. Ratios must be within 20% of the assessment standard for Class I (10% of full value), and within 25% for Class II (15% of full value). There are currently 14 state staff involved in ratio studies. The Department of Revenue exercises general supervision of the administration of assessment and tax laws within the state, but does not have the authority to order changes in assessing practices. The state does not sample, but uses a minimum of 29 sales and appraisals per class per county. The ratio estimation methodology uses the median to test whether the level of assessment falls between 95% and 105% of the statutory requirement for each class of property. If there is a high COD, the state reviews the study for any invalid data. There are about 47 different strata within a county. If the roll cannot meet requirements and is disapproved, the prior year's roll may be used. Listers may recommend rejection of sales it one of twelve reasons indicated by the state is present. Failure to take action results in the loss of all funding from a statewide personal property replacement fund, recently created to compensate counties for the loss of revenues resulting from legislation revoking county taxation of personalty. No sampling is used; the universe of valid sales is used. State staff reviews the sales data and have the final authority to drop or add sales (or to extend the time to collect sales, although this option is seldom taken). Sales information is drawn from disclosure forms indicating recorded acts of sale, which are filled out by grantees. The county must reimburse the state for any excess aid given. However, the budget for the entire agency is between $3 million and $4 million. If they contest the use of a sale either on the basis of a questionable sale price or conditions of sale, they are required to supply documentation to support such changes. More detailed information on this state's methodology is available in the 1993 Kansas Real Estate Ratio Study, and also in Building a More Powerful Ratio Study with Fewer Resources, written by Peter Davis, Superintendent of the Ratio Studies Section. In addition, the state checks "outlier" ratios with assessors for exclusion from the study. There are no minimum standards of assessment compliance -- the ratio is not used to determine whether or not assessing units are in compliance. The state uses statistically valid samples for each class of property in each county's reappraisal area. The mean assessment ratio is the sum of all ratios divided by the number of ratios. Appraised For residential and vacant land, 18 months of usable sales are used. The results of the sales ratio studies used are sent to local assessors in the 39 town and city units in the state. If the parish in question fails to act, the state will not certify the assessment roll for taxable purposes. 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