Assessment Notices were mailed this weekend (Feb 28th-Mar 1st). The following is a list of information you should know about your assessment.
First, what is an assessment value? The assessment value is supposed to represent the value you could sell the property for on a fair and open market. (This means the property is properly advertised and is offered for sale to anyone who would wish to buy.) There is a range of 85% – 100% of market value that is considered ideal by the state. For non-agricultural properties and agricultural buildings the value is compared to sales, for agricultural land the value is determined by the state soil productivity method that was introduced in 2010.
***IMPORTANT*** Do not compare your assessment value to the value on your tax bill. These are apples and oranges. The value on your tax notice is only a percentage of your assessment value. How much of a percentage changes each year by direction of the state. For example if the state factor was 85% a $100,000 assessed home would only show a taxable value of $85,000 on its tax bill. It often happens that people whose values did not change at all will compare the value on their tax bill with that on their assessment notice and believe they have increased 10% or more.
The state raised the top dollar for crop land in Shannon County 25% again this year. The top dollar for grass land decreased 1.3%.
The way that value reductions for exempt properties are calculated was changed this year. The Shannon County Commissioners agreed to the full 80 acres of exemption for each qualified non-profit organization. This has increased the amount of land exempt for some entities. Some groups may also see an increase to their deeded acreage, this is because in the past if a church owned 80 acres and 5 acres was exempt the parcel was listed as 75 acres. This was a short cut used by the office but it lead to problems when running statistics for the county. It was also misleading as deeded acreage is to be the number of acres owned not the number of acres taxes. This has been corrected for this year. If your organization was affect by this change and you have questions please contact our office at 605-745-5136.
The only other changes were to individual properties as buildings were added or removed during regular field work. REMINDER: If you lose a building during the year please contact the Department of Equalization before November 1st so that we can remove it from the tax rolls! Don’t pay taxes on a building that no longer exists!