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Assessing Property

Total Market Values

​Market Value Reports give total property values for a taxing district. To read the reports, you will need to understand the abbreviations used and their definitions.

Please Note: Assessments for tax purposes are based on the use of property, which may—or may not— be the same as local zoning. Contact the local city/township for zoning and use regulations.

Heading​ ​Definition
ASMT-YEAR Assessment year. The year for which the property market values are determined. These market values must be assessed annually on Jan. 2.
PAY-YEAR Tax payment year. The year in which the taxes are payable. Current year taxes – are based on the prior Jan. 2 assessment.
Property Usage Classes
A RESIDENTIAL Improved & vacant property used for, or likely to be used for, residential purposes; includes townhomes & condominiums.
B COMMERCIAL Improved & vacant property used for, or likely to be used for, commercial activities or business, such as office buildings, stores, banks & restaurants.
C INDUSTRIAL Improved & vacant property used for, or likely to be used for, manufacturing or other industrial activities or business.
D UTILITY Public Utility property, such as electric, gas, etc.
F AGRICULTURAL
Property used for agricultural purposes.​
G CABINS Cabin property is used seasonally, for recreation and residential purposes.
J APARTMENTS Multi-unit rental properties having four or more dwelling units.
K RAILROAD Property owned and operated by a railroad.
P PERSONAL PROPERTY Utility properties on privately owned real estate, such as pipelines and state assessed utility property. This category includes public utility attached machinery, privately owned aircraft hangars on publicly owned land, and other publicly owned property that is leased to a non-exempt person or entity.
Heading Definition
SCH DIS: The number of the school district in which the property is located.​
TAXABLE MKT VALUE TMV Taxable market value. Property taxes payable in the indicated year are based on this value. TMV is after value exclusions, credits and deferments
LOCAL TAX TAX CPC LMV Local tax capacity. This value is calculated by multiplying a state assigned percentage (which may differ by property classification) and the taxable market value. Total tax capacity values are used to calculate tax rates for each taxing jurisdiction.
NUM HSTD The number of owner/occupied properties (homestead parcels). This count includes only the parcel containing the homesteaded dwelling.
TOTAL NO PROP Total number of individual pieces of property (parcels) within each property usage class.
MKT VALUE NEW CONST The market value of all new construction added for the current assessment year. Typically, if a building permit was issued during the previous calendar year, the total market value increase due to that permit or improvement (as of January 2nd) will be listed in this column.
TAX CPC NEW CONST The calculated tax capacity for the market value of new improvements only.
STATE TAX TX CPC LMV The tax capacity for properties that will be subject to the “State General Tax.” Certain property types (commercial, industrial, some utility, railroads, some personal property, seasonal recreational residential) will be subject to a “State General Tax” beginning with taxes payable in 2002. This column shows the total amount of tax capacity that is subject to the “State General Tax.”
REFERENDA MKT VALUE Total market value that is subject to county, city or school district voter-approved referenda levies.

 

Last updated: 1/21/2014 8:30 AM