Assessment Roll In Taxation:
An assessment roll in taxation refers to an official document or record that lists all the properties within a specific jurisdiction, along with their corresponding assessed values for tax purposes. It is prepared by the local government or tax authority to determine the amount of property tax owed by each property owner. The assessment roll includes detailed information about each property, such as its location, size, type, and any improvements or changes made to it. The assessed value of each property is determined based on various factors, including market value, property type, and local tax laws. The assessment roll is an essential tool for ensuring fair and equitable property taxation, as it provides transparency and accountability in the tax assessment process.
An assessment roll is a document that lists all the properties in a particular jurisdiction and their assessed values for tax purposes. The assessment roll is used by local governments to determine the amount of property taxes owed by each property owner. The assessed value of a property is typically based on its market value, and is determined by a local assessor. Property owners have the right to appeal their assessed value if they believe it is incorrect. The assessment roll is a public document and can be viewed by anyone who wishes to do so. Failure to pay property taxes based on the assessment roll can result in penalties and interest charges, and in some cases, the property may be sold at a tax sale to pay the outstanding taxes.
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This glossary post was last updated: 29th March 2024.
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