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The assessor is charged with several administrative and statutory
duties; however, the primary duty and responsibility is to assess all property
within his jurisdiction except that which is otherwise provided by law.
This would include residential, commercial, industrial and agricultural classes
of property. The assessor determines a full or partial value of new
construction or improvements depending upon the state of completion as of
January 1st, which is the effective date of assessment each calendar year.
The Assessor's Office functions on a four-year revaluation cycle, which means
each property within the county is visually inspected at least once within
the cycle to pick up any new improvements or any deletions of improvements.
The assessor is concerned with value, not
taxes. Taxing jurisdictions such as schools, cities, and townships adopt
budgets after public hearings. This determines the tax levy, which
is the rate of taxation required to raise the money budgeted. The taxes
you pay are proportionate to the value of your property.
To estimate the market value of your property, the Assessor
generally uses one of three methods. The first approach is to find
properties that are comparable to yours which have sold recently. Local
conditions peculiar to your property are taken into consideration. The
assessor also uses sales ratio studies to determine the general level of
assessment in a community in order to adjust for local conditions. This
method is generally referred to as the MARKET APPROACH and is usually considered
the most important in determining the value of residential property. The
second approach is the COST APPROACH and is an estimate of how many dollars (at
current labor and material prices) it would take to replace your property with
one similar to it. In the event improvement is not new, appropriate
amounts for depreciation and obsolescence would be deducted from replacement
value. Value of the land would then be added to arrive at the total
estimate of value. The INCOME APPROACH is the third method used,
especially if your property produces income such as an apartment or office
building. In that case, your property could be valued according to its
ability to produce income under prudent management; in other words, what another
investor would give for a property in order to gain its income. The income
approach is the most complex of the three approaches because of the research,
information and analysis necessary for an accurate estimate of value. This
method requires a thorough knowledge of local and national financial conditions,
as well as any developmental trends in the area of the subject property being
appraised -- since errors or inaccurate information can seriously effect the
final estimate of value.
State law requires that all real property be re-assessed every
year. Changes in market value as indicated by research, sales ratio
studies and analysis of local conditions, as well as economic trends both in and
outside the construction industry are used in determining your assessment.
If you disagree with the assessor's estimate of value, please
consider these two questions before proceeding:
- What is the actual market
value of my property?
- How does the value compare to similar properties
in the neighborhood?
If you have any questions about the assessment of
your property, feel free to come in and discuss it with the assessor. This
is known as an informal protest. The assessor will then arrange for
a follow-up visual inspection with the property owner, so that reasons for the
protest can be witnessed by the assessor's office and appropriate adjustments,
if any, can be made.
You may file a written protest with the
Board of Equalization, which is composed of three members from various areas of
the assessing jurisdiction. The Board of Equalization operates
independently of the assessor's office, and has the power to confirm or to
adjust either upward or downward any assessment.
If you are not satisfied with the decision of the Board of
Equalization, you may appeal to district court within twenty days after
adjournment of the Board or twenty days after May 31st, whichever is the latest.
There are a number of different taxing districts
in a jurisdiction, each with a different levy. Each year, a levy is
determined that will yield enough money to pay for schools, police and fire
protection, road maintenance and other services budgeted for in that area.
The tax levy. or mill, is applied to each $1,000 of a property's assessed value.
The value determined by the assessor is the assessed value and is the
value indicated on the assessment roll. When comparing the value of your
property with other properties, always compare with the value on the assessment
roll or the assessor's property record cards and not the value indicated on the
tax statement.
Oklahoma law provides for a number of exemptions for a person
holding title of property and/ or owning personal property located within
Washington County. It is the property owner's responsibility to apply for
these as provided by law. If the property you were occupying as a
homestead is sold, or if you cease to use the property as a homestead, you are
required to report this to the assessor in whose jurisdiction the property is
located.
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