Examples include hotels, motels, funeral homes, fast food franchises, downtown office buildings, shopping centers, service stations, and so on. See residential class of property. The full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year. See tax rate.
Exemptions are properties that are exempt from local taxation by state law.
For all practical purposes, the same as equalized value. It represents the current market value of all taxable property within the boundaries of municipality or a district, such as a school district or tax incremental district. See commercial class. The amount a typical, well-informed purchaser would be willing to pay for a property. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property.