Estimated Market Value - This value is what the assessor estimates your property would likely sell for on the open market. State law requires assessors to value property at 100% of market value. See "what is market value" for an expanded definition.
Value of New Improvements - This is the assessor's estimate of the value of the new improvements you have made to your property in the last year. New improvements are not eligible for limited market value.
Green Acres - Only applies to agricultural property that is facing increasing value due to development pressures not related to the agricultural value of the land. The assessor arrives at this lower value by looking at what comparable agricultural land is selling for in areas where there is not development pressure. The taxes on the higher value are deferred until the property is sold or no longer qualifies for the program. See"Green Acres" for an expanded definition.
Taxable Market Value - This is the value that your property taxes are actually based on, after all the reductions, limitations and deferrals. Your taxable value, along with the class rate and the budgets of your local government, will determine how much you will pay in taxes. The taxes you will pay in May will be determined from the previous year's taxable market value. Remember: your property is assessed in one year and taxed in the next year.