Assessed valuation

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Assessed valuation

The value assigned to property by a municipality for the purpose of tax assessment. Such an assessed valuation is important to investors in municipal bonds that are backed by property taxes.

Assessed Valuation

The value of a property as determined by an appraisal conducted by a municipality. The assessed valuation usually occurs every year when a municipality asks for appraisal to determine the liability for property taxes. If a property owner wishes to dispute the value of an appraisal, he/she may request a reassessment. The assessed valuation may take into account the quality of the property, values of surrounding properties, and market conditions in the area.
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These variations in taxable value rates are difficult to reconcile with the ability-to-pay approach, since taxpayers with the same dollar value of assets will pay different amounts in taxes depending on the type of asset owned.
The third and final step in determining property taxes is to multiply the local jurisdiction's mill rate times taxable value.
The taxable value of agricultural land was about $150 million, and the property taxes levied on it amounted to $50 million.
Altogether then, Montana farms and ranches comprised 17 percent of the total taxable value in the state.
Agricultural taxes in Montana
Table 1 Taxable Values, Mill Rates, and Taxes Levied Statewide Taxable Value Mill Rate Taxes Fiscal Year ($ Millions) (Average) Levied 1987 2,308 242 559 1988 2,001 265 531 1989 1,943 256 498 1990 1,907 281 535 1991 1,573 327 514 1992 1,595 338 539 1993 1,633 344 561 1994 1,732 353 628 Change: '87 -576 120 69 to '94 Source: Department of Agricultural Economics and Economics, Montana State University, Bozeman, MT.
Before these taxes were introduced, the taxable value of production had already fallen by more than 50 percent.
If the taxable value of natural resource production had maintained its 1987 value ($705 million), then 1994 property taxes ($628 million) plus the new resource taxes (the Local Government Severance Tax plus the Coal Gross Proceeds Tax = $40.
Montana property taxes since I-105

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