Glossary of Terms A - E


Assessed Value

An estimate of value assigned to taxable property by the assessor for purposes of property taxation. During revaluation years, State law requires all assessments to be at 100% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market.

Assessed Value Tax Rate

See tax rate.

Assessment Ratio

The relationship between the assessed value and equalized value of all taxable property within a municipality. For example, if the assessed value of all taxable properties in the City is $1,300,000,000, and the equalized value is $1,500,000,000 the assessment level would be 86.67%.

Assessment Ratio

= Assessed Value
Equalized Value


Property is both classified and assessed in different manners. Property is classified as either real property or personal property. Real property is comprised of residential, commercial, and manufacturing property. Residential and Commercial property is assessed by the local assessor. The State assesses manufacturing property.

Commercial Class

The commercial class consists of properties where the predominant use is the selling of merchandise or a service. Apartment buildings of four or more units and office buildings are included in this class. This class also includes vacant land where the most likely use would be for commercial purposes. Commercial properties represent approximately 29.72% of the total assessed value of the city.

Equalized Value

The full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year.

Equalized Value Tax Rate

See tax rate.


Exemptions are properties that are exempt from local taxation by state law.