Property Tax Notices - What Do They Mean?
The Notice of Valuation and Classification:
By January 2 of each year the county assessor determines the market value and classification of your property, based on prevailing market conditions and how your property is used (residential or commercial). You receive this notice in March. This notice describes in detail the appeal process if you have question or concerns about your assessment.
The Proposed Property Tax Notice:
That annual assessment is then used to calculate your Proposed Property Tax for the following year. So your January 2019 assessment is used to determine the proposed property tax you will pay in 2020. You receive your proposed property tax notice (also called a Truth-in-Taxation notice) in November. This notice shows your proposed property tax if the taxing jurisdictions approve the budgets and tax levies they are considering. Once they approve those budgets and tax levies, your property tax is finalized. There also may be Truth-in-Taxation meetings scheduled where you can voice questions or concerns about budgets, tax levies, and your tax.
The Property Tax Statement:
The Property Tax Statement contains a summary of your property value and tax for the current and prior year. It also includes payment coupons which can be used when making your tax payment. It is mailed to you during March - just before the first half of your property tax is due in May (the second half is due in October). Your 2020 taxes are based on the 2019 assessment.