Terms Listed on Your Notice of Valuation
Estimated Market Value
Estimated Market Value is the most probable sale price in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably allowing sufficient time for sale and assuming that the transaction is not affected by undue pressures." What this simply means is what you could sell your property for in today's real estate market.
Classification of your property
Classification of your property is mandated by state law and is based on the primary or most likely use of your property.
Value of New Improvements
Value of New Improvements is the value placed on the property because of additions, remodeling and other changes that the assessor estimated add value to the property.
Taxable Market Value
Taxable Market Value is the net valuation that will be used for the calculation of your following years tax bill. It is the final value after all qualifying reductions have been made.