Property classification
The category your property is taxed under.
Counties classify property — residential, commercial, farm, vacant, and finer subdivisions of each. Classification can determine the assessment ratio, eligibility for exemptions, and which properties count as comparable.
A misclassified parcel is a form of record error, and correcting it can matter more than any argument about value, because it changes the rules applied rather than the number produced.
It also constrains your comparables. A board will generally disregard a comparable in a different class, however similar the building looks, because the two are taxed under different rules. Checking that your comparables share your classification before you file avoids handing the assessor an easy reason to set your list aside.
Related
- Record error — The county's file says your home is something it is not.
- Assessment ratio — The percentage of market value that becomes your assessed value.
- Comparable (comp) — Another property used as evidence — either its sale price or its assessment.
Property tax is state law and the details differ. For what applies where you live, see coverage by state and your appeal deadline.