Township Government

  Township Assessor

  Definitions

Below, for your convenience, are definitions of several terms which are used frequently in discussing the property tax system.

Ad Valorem According to value.

Assessed Value The value placed upon property after multiplying the assessment level by the market value.

Assessment The official act of discovering, listing and appraising property for ad valorem tax purposes-currently 33.33% of the market value.

Assessment Level The percentage of full value at which property is assessed as mandated by state law.

Assessor The government official responsible for establishing the value of property for ad valorem tax purposes.

Board of Review A panel of three residents of a county, experience in real estate appraisal, who review complaints filed by individual taxpayers. The Board of Review has specific statutory responsibilities to perform during a designated period of time.

Equalization The process of providing uniform aggregate assessments between townships and counties (see multiplier).

Equalized Value The assessed value multiplied by the county and/ or state multiplier. This calculation gives the value of the property to which the tax rate is applied.

Extension This term is use in two different context:1) The process in which the County Clerk determines the tax rate needed to raise the revenue certified to the Clerk by each taxing body in the county; and 2) The actual dollar amount of revenue resulting from the tax rate when it is multiplied by the assessed value of a district. Improvement Any structure, addition or other product of labor which is attached, lying upon or within the land that may not be removed without physical stress.

Levy The amount of money that a taxing body requires to be collected through the property tax system.

Market Value The most probable price, estimated in terms of money, which a property would bring in a sale between a willing buyer and seller under arms length conditions.

Mass Appraisal The process of valuing a universe of property by employing a common reference for data in allowing for statistical testing.

Multiplier A figure used by county and state officials and applied uniformly to all parcels within a township to "equalize" assessments between townships and counties so that all values reflect the same assessment level.

Permanent Index Number (PIN) A 10-digit number used to identify property for tax purposes. The number is used in place of lengthy legal descriptions.