Ad Valorem Tax
(Latin for according to value) A tax imposed on properties in proportion to each one’s value. The most common are the ad valorem taxes imposed on real and personal property, which on the assessed or appraised values.
Appraised Property Value
Also known as Actual or Fair Market Value, it is the true market value of a property.
Assessed Property Value
The amount of a property’s value to be taxed, as determined by the Assessor. To determine the assessed value, the appraised value is multiplied by the appropriate assessment ratio.
Legal Residence Special Assessment
Owners who occupy the property are assessed at 4 percent property’s appraised value (as compared to 6 percent for non-residents and 10.5 percent for manufacture.) To qualify, the owner must occupy the residence during the tax year and submit an application before first penalty date for taxes due.