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.
Questions relating to taxes should be addressed
to the County
Treasurer.
