Key Terms Used in this Study
ASSESSED VALUE: The property valuation upon which the property tax rate is applied in order to determine the property tax owed for a given property. Valuation for property tax purposes is not necessarily indicative of the property’s true market value. Also known as “taxable value.”
MILLAGE: Property tax assessed per $1,000 of a property’s assessed value.
PROPERTY TAX LEVY: The total amount of property taxes assessed on property within a particular jurisdiction in a given year.
PROPERTY TAX RATE: The rate which is multiplied by the assessed value of a piece of property to determine the amount of property tax payable by the owner.
ROLLBACK: A downward adjustment to the property tax rate (millage) applied to assessed values in order to avoid exceeding state limitations on property tax growth. Alternatively, some counties may also roll back their property tax rate in order to achieve the same result.
TAX FREEZE: Maintenance of assessed property taxes at a current level by adjusting the assessed value and/ or millage.
MAP 2.
STATE PROPERTY TAX LIMITATIONS FOR COUNTIES, TIMELINE AS OF NOVEMBER 2016
No Limit Pre 1990
2000-2010 1990-2000
After 2010
Notes: Year reflects latest change to state-imposed property tax limitations. Conn., R.I., and parts of Mass. have counties or county-equivalents with no county governments (marked in grey on the map).
Source: NACo interviews with state associations of counties and state and county officials in each of the 48 states with county governments, research of state statutes, tax codes and local government finance literature.
8 60 NATIONAL ASSOCIATION of COUNTIES | NOVEMBER 2016 COUNTY LINES, SPRING 2017
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