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Assessment & Fair Market Values
Fair Market Value can be determined by:
- Real Property Value from Assessor’s Office
- Vehicle registration information from Department of Motor Vehicles
- Vehicle value from Department of Revenue Vehicle Guide; or
- Other nationally recognized sources
- Boat/Motor registration information from Department of Natural Resources
- Boat/Motor values from Vessel Valuation Service; or
- Other nationally recognized sources
- Manufacturing/Utility values from the Department of Revenue
Assessment Ratio by Property Type
| Property Assessed | Ratio |
|---|---|
| Primary Residence (Owner Occupied) | 4% |
| Second Residence | 6% |
| Other Real Property | 6% |
| Commercial Real Property | 6% |
| Agricultural Real, privately owned | 4% |
| Agricultural Real, corporate owned | 6% |
| Aircraft | 4% |
| Business Personal Property | 10.5% |
| Camper (Modifier 1) | 10.5% |
| Manufacturing Real and Personal | 10.5% |
| Motor Home (Modifier 1) | 10.5% |
| Railroads, Airlines, Pipelines Real and Personal | 9.5% |
| Utility Real and Personal | 10.5% |
| Vehicle Personal | 6% |
| Vehicle Personal (Modifier 2) | 10.5% |
| Watercraft/Boat (Modifier 1) | 10.5% |
Modifiers
- Vehicle Personal ratio is 10.5% if Gross Vehicle Weight in excess of 11,000 pounds and Net Vehicle weight in excess of 9,000 pounds
- May qualify as primary or second residence; must meet Internal Revenue Service (IRS) rules as Qualified Home (Publication 936 (PDF)) for primary or second residence
The Assessed Value (rounded to nearest tenth) is determined by multiplying the Fair Market Value by the Assessment Ratio by property type.