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Valuing Leased Property for Property Tax Review

By Dale Allinson

When a taxpayer commences a real property tax review proceeding, his/her focus is on the bottom line ' the amount of the real estate taxes paid on that property and getting them reduced. These bottom-line taxes are, however, the end product of a multistep process that ultimately results in the tax bill issued for that property.

Working backward, the taxes billed are the result of the property's assessed value multiplied by the appropriate tax rates set by the various taxing jurisdictions within which a property is located. The tax rates are derived from that taxing jurisdiction's total budgetary requirements divided into the total taxable assessments available for taxation within that jurisdiction. For example, if a school district funded totally by property taxes requires a budget of $1 million and the assessments of the properties within its jurisdiction total $2 million then for each $1 of assessment, the school district would need to collect 50 cents in taxes. Consequently, if the budget stays the same but the overall taxable assessments within the jurisdiction are increased or decreased, the tax rate is affected inversely, although the total tax dollars collected remain the same.

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