Assessors must value real property annually and properties are physically inspected at least once every 6 years. The valuation is based on the condition of the property on January 1 of the assessment year or July 31 of the assessment year for new construction.

The assessed value is used in the calculation of taxes payable in the following year, which is referred to as the tax year.

Please see the example below.

Additional Information

• Department of Revenue's Homeowner's Guide to Property Tax
• Department of Revenue's Homeowner's Guide to Mass Appraisal
• Department of Revenue's How the One Percent Property Tax Levy Limit Works Website