ArrowFREQUENTLY ASKED QUESTIONS - APPRAISALS



Frequently Asked Questions
1. How is property valued?
2. What is market value?
3. How often does the county appraise my property?
4. If the house next door sells to an out-of-state buyer for much more than it is worth, will it affect my taxes?
5. Do I have to let the county appraiser come into my house or onto my property?
6. How do I appeal the assessed value?
7. Is it possible to make a "ballpark estimate" of how much the taxes will be on a piece of property that I am thinking about buying (or a structure that I might build)?
8. Why do property taxes vary throughout the county?
9. What is the 101% lid law?
10. What is the personal property tax?


Question1. How is property valued?

State law requires that County Assessors value all taxable property at 100% of its true and fair market value in terms of money, according to the highest and best use of the property. All real and personal property is subject to tax. Recent sales of comparable property are used to help set values.

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Question2. What is market value?

The amount of money that a willing and unobligated buyer is willing to pay a willing unobligated seller.

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Question3. How often does the county appraise my property?

All taxable property in Franklin County is physically inspected at least once every six years on a cyclical basis. In addition, assessed values are updated county-wide on an annual basis by statistical analysis.

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Question4. If the house next door sells to an out-of-state buyer for much more than it is worth, will it affect my taxes?

Not necessarily, because a single property sale does not establish the market value for surrounding properties.

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Question5. Do I have to let the county appraiser come into my house or onto my property?

No. In fact, it is generally not necessary for an appraiser to view the interior of a home that has been appraised previously. If access is refused, the appraiser must estimate the value of the property using whatever information he or she has available.

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Question6. How do I appeal the assessed value?

File a completed appeal petition with the county Board of Equalization by July 1 of the assessment year or within 30 days of when the change of value notice was mailed. Appeal forms are available from the clerk of the board or the Assessor's office. To appeal a valuation, you must show where the Assessor has erred in the property assessment.

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Question7. Is it possible to make a "ballpark estimate" of how much the taxes will be on a piece of property that I am thinking about buying (or a structure that I might build)?

The average 2008 tax rate in Franklin County is about $12.31 per $1000 of assessed valuation. Rates vary from area to area and from year to year, but multiplying the number of thousands of dollars of price or cost by $12.31 will provide a rough estimate of taxes.

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Question8. Why do property taxes vary throughout the county?

The differences are due to three factors: the varying combination of taxing districts in different areas of the county (schools, fire or water districts, etc.); the size of the budget for each taxing district; the amount of voter-approved special levies and bonds.

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Question9. What is the 101% lid law?

The regular property tax levy of a taxing district is limited to 101% of the highest levy since 1985, plus amounts attributable to new construction within the boundaries of the district or annexations to the district.

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Question10. What is the personal property tax?

Business machinery, equipment, and supplies are fully taxable, and are assessed as personal property. Household goods and personal effects are exempt form the property tax.

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