Ad Valorem Property Tax

The assessed value of property is generally 60 percent of its fair market value, or 60 percent of its value determined under the valuation methodology specified by the Legislature. For example, property having a market value of $100,000 will have an assessed value of $60,000.

The county assessor determines the value of all property not centrally valued by the Tax Commissioner or assessed by the Board of Public Works. Property valued by the county assessor includes residential real estate, commercial business property and personal property such as motor vehicles.

The Tax Commissioner determines the value of natural resource real property and the value of industrial real and personal property.

The Board of Public Works determines the assessed value of public service business operating property.