Assessment Roll

A public record of the assessed value of property within a taxing jurisdiction, known as an assessment roll, lists individual tracts of land and their assessed values.
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Definition

An assessment roll is a public record that lists each individual tract of land within a taxing jurisdiction and its assessed value. This document is used by local governments to determine the property tax owed by property owners. The assessment roll typically includes information such as the name of the property owner, the property’s legal description, and the assessed value used for tax purposes.

Examples

  1. Town Assessment Roll:

    • A town assessment roll might list 1,000 properties within its boundaries, detailing the owner’s name, property address, and the assessed value for each.

  2. County Assessment Roll:

    • A county assessment roll includes properties within the entire county, containing sections listed by townships or municipalities with specific details of each property and its assessed value.

  3. City Assessment Roll:

    • A city’s assessment roll, often more detailed due to the higher property density, includes residential, commercial, and industrial properties with corresponding assessed values.

Frequently Asked Questions (FAQ)

What purpose does an assessment roll serve?

An assessment roll is used to determine property taxes owed by property owners. It helps local governments generate revenue for public services.

Who is responsible for creating the assessment roll?

The assessment roll is typically created by a local assessor or property appraiser working for the taxing jurisdiction, such as a town, city, or county.

How often is the assessment roll updated?

The assessment roll is usually updated annually, but the frequency can vary depending on local laws and policies.

Can property owners challenge the assessed value listed on the assessment roll?

Yes, property owners can appeal the assessed value if they believe it is incorrect by following the local jurisdiction’s appeal process.

How is the assessed value determined?

The assessed value is determined based on various factors such as the property’s market value, location, size, and improvements.

  • Mill Rate: The amount of tax payable per dollar of the assessed value of a property.
  • Tax Levy: The total amount of money to be raised by property taxes within a taxing jurisdiction.
  • Assessment Ratio: The percentage of a property’s market value that is used to calculate its assessed value.

Online References

  1. Investopedia - Property Tax
  2. Wikipedia - Property Taxes in the United States
  3. National Association of Counties - County Property Tax Facts

Suggested Books for Further Studies

  1. “Property Valuation and Taxation for Assessors” by William W. Wade
  2. “Understanding Property Taxes” by Steven Maggs
  3. “The Complete Guide to Property Investing Success” by Angela Bryant

Fundamentals of Assessment Roll: Real Estate Basics Quiz

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