The three approaches to value are cost, market, and income.Ĭost Approach: The cost approach uses actural replacement cost of the building, less general depreciation, plus the value of the land. The Assessors use standard approaches in setting the value on all real and personal property. The appraised value is simply the estimate of what the property is worth. Fair market value means the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm's length bona fide sale.Īssessors and appraiser interpret what is happening in the market place. The Assessors are charged with establishing the fair market value of the taxable real and personal properties in Upson County. Property tax returns are to be filed between January 1st and April 1st with the county tax assessor's office. Property taxes are charged against the owner of the property of January 1st, and against the property itself if the owner is not known. Personal property is boats, airplanes, business inventory, and any equipment, furniture, and fixtures needed to run a business. Real property is defined as land and generally anything that is erected, growing, or affixed to the land. Property tax is an ad valorem tax based upon the value of property, both real and personal.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |