Definitions

Assessment Level: The rate at which property is assessed.

Assessment Review: Taxpayers who object to their assessments have several options for appeal. The first is an administrative review by the Assessor’s Office, the second is at the Board of Review, the third is to file a small claim’s hearing; and, the fourth is to file an Article 7 of Real Property tax law.

Exemption: Release from liability for payment of taxes.

Fair Market Value (FMV): Also known as Property Value. The value the Town of Eden Assessor places on each parcel of real estate. Typically this is accomplished by evaluating sales information for comparable pieces of property in the area.
Assessment divided by equalization rate = full market value

Market Value: The amount a property could sell for on the open market with a willing buyer & seller.

Property Tax: The local tax on the value of real property, land, buildings and homes. Major revenue source for funding local services such as schools, libraries, health services, public works, parks, etc.

Tax: A mandatory payment to the government in order to fund government services.

Tax Base: The total body of tax revenues.

Taxing Body: Units of governments that collect taxes to fund government services;

Tax Incentives: Incentives include exemptions, deferrals, abatements or tax credits. Incentives were established to stimulate a specific type of new growth (i.e. affordable housing) or growth in areas of economic need.

Tax Levy: The amount in real estate taxes requested by each taxing body.