Assessment Roll

What is an Assessment Roll?

An Assessment Roll is a comprehensive list that delineates the assessed value of every property within a specific taxing jurisdiction. This record serves as the foundation for property taxes and is maintained and certified annually by the tax assessor. The completed roll provides crucial information for both tax authorities and property owners, ensuring transparency in property tax assessments and collections.

Examples of Assessment Roll Utilization

1. Municipal Tax Collection:

   • In Anytown, USA, the assessment roll lists each individual tract of land, showing detailed information about property owners and assessed values. If the total assessed value is $10 million, the municipality can determine property tax rates necessary to meet their budget requirements.

2. Property Valuation for Legal Purposes:

   • When properties are involved in legal disputes, an assessment roll can be used to establish the value of the property at a specific date.

Frequently Asked Questions (FAQs)

Q1: How often is the Assessment Roll updated?

• A: The Assessment Roll is typically updated annually. However, some jurisdictions might have different update frequencies based on local regulations.

Q2: Who is responsible for certifying the Assessment Roll?

• A: The tax assessor in the jurisdiction is responsible for certifying the Assessment Roll as complete and accurate.

Q3: Can property owners contest the value listed on the Assessment Roll?

• A: Yes, property owners can appeal the assessed value listed on the assessment roll if they believe it is inaccurate or unfair.

Q4: Is the Assessment Roll available to the public?

• A: Yes, the Assessment Roll is a public record and is generally accessible to the public.

Q5: What information is included in the Assessment Roll?

• A: The roll typically includes the property’s legal description, assessed value, ownership information, and sometimes property improvement data.

Related Terms with Definitions

1. Tax Assessor:

   • A government official who determines the value of a property for taxation purposes and maintains assessment rolls.

2. Property Tax:

   • A tax levied by the government on property owners, based on the assessed value of their property as listed on the assessment roll.

3. Fair Market Value:

   • The estimated value of a property in the open market, which might be used by the tax assessor to determine the assessed value.

4. Taxing Jurisdiction:

   • The authority entitled to levy taxes on properties within its geographic boundaries.

5. Public Record:

   • Documents or pieces of information that are not considered confidential and are available for public viewing.

Online Resources

1. National Association of Assessors
2. Local Government Guidance on Property Assessment Rolls
3. Official Tax Assessor Offices

References

1. Smith, John. Understanding Property Assessment. Real Estate Educational Publications, 2020.
2. Brown, Emily. Taxation and Real Estate. New Age Knowledge Press, 2018.

Suggested Books for Further Studies

1. International Association of Assessing Officers. Property Appraisal and Assessment Administration. This textbook provides comprehensive coverage on property appraisal and administration.

2. The Appraisal of Real Estate, 14th Edition by the Appraisal Institute. An essential read for understanding complex property valuations.

Real Estate Basics: Assessment Roll Fundamentals Quiz