A supplementary assessment and taxation notice will be mailed to you if your property is newly constructed, has had significant improvements or additions, and was completed or occupied during the current year.
Your annual notice for assessment reflects the condition of your property as of December 31 of the previous year. If construction is completed after the condition date of December 31 you will receive a supplementary assessment and tax notice to reflect the increased value of the property.
Your property taxes are then determined by prorating the supplementary assessment by the number of months the building has been completed and/or occupied for the year and then multiplying the revised assessment by the tax rate.
When the increased value of new homes, buildings and major additions have been determined, an additional supplementary assessment and tax notice will be sent to the property owner indicating the additional taxes owed for the year.
Supplementary taxes are levied only in the year the newly constructed building is completed and/or occupied. Supplementary notices are sent out in July and October. Property owners are required to pay the supplementary tax in full within 30 days of mailing.
|Type of property:||Residential single family|
|Less previous assessment on annual tax notice||- $150,000|
|Improvement completed and/or occupied on pro-rated supplementary assessment||July 1|
|($200,000 x 6/12)||$100,000|
The tax levy is then applied to the prorated supplementary assessment to calculate the taxes due on the supplementary assessment.
Assessments are based on typical market values as of July 1 of the previous year.