Market Value
The market value of Commercial and Industrial properties is determined generally by using the income approach. This is due to the fact that, there are few market sales on which to base the value, and because when a rental property is sold, the price is usually based on income generated by the property.
When the values are finalized, the assessors set the tax rate by dividing the levy (amount of tax authorized) by the total taxable value. The Bureau of Accounts must approve the tax rate prior to the sending of tax bills.
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