This Fiscal Year, Next Fiscal Year: This allows you to compare two years. The year in which you are currently paying taxes and the ensuing year.
Assessed Values: Assessed values are 35 percent of the taxable value.
Land: This is the value of the land only. Sales of similar properties are used to determine this value. This also includes agricultural land, if any, with those values determined by the Department of Taxation.
Structures, etc.: Anything added to the land is valued on what it cost to replace it. For example: wells, sheds, homes, garages, etc. Then each one is depreciated 1.5 percent per year if it is considered real property.
Personal Property: Personal property is mainly manufactured homes that have not been converted to real property but are billed with the real property. Businesses with personal property billed on their real property may also be listed here which includes items such as office or farming equipment.
Exemptions: Surviving spouse or veterans exemptions are listed here and are subtracted from the net assessed value.
Assessed Total: A summation of the land, structures, etc., and personal property.
Taxable Total: The total value of your property. This value is not to exceed the market value or full cash value. It is the assessed total divided by 35 percent.
Value Excluded from Partial Abatement: If there was any addition to your property such as a new garage or shed, the taxes would not be capped on that component alone the first year. It would fall under the cap for all ensuing years.
If your home is your primary residence and qualifies for the homeowner's abatement, your taxes are not to be higher than 3 percent over the previous year. That is unless you have added something that is excluded from the partial abatement. The comment on the card that says "Abated Taxes are Based on a Prior Year Gross Assessed Value of" with an amount listed, is last years' taxes divided by the tax rate. It indicates the value your taxes were based on as opposed to the actual value listed to the left side of the card. Those values could be the same, but are different if your taxes have been capped.
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