January 1 through December 31 - Period for filing for Homestead Credit and Military Exemption. If the home qualifies and the property owner files on or before July 1, the exemption will go into effect for the current assessment year. If the property owner files after July 1, the exemption will go into effect the year following the sign up. To Remember Assessed value and taxable value are not synonymous terms. Property is assessed as of January First.
Property is reassessed every two years.
On values determined as of January First, one does not start to pay taxes until eighteen months later. The percentage so determined by the Director of Revenue and Finance are certified to and applied by the local county auditor to all property in each class effected throughout the State. Percentages determined by the Director of Revenue and Finance are the same for all the assessing jurisdictions in the State. Increases in assessed value of individual parcels of property as determined by the assessor, may exceed four percent within a jurisdiction. Agricultural property, except agricultural dwellings, are assessed on the basis of productivity and net earning capacity using a five-year crop average and capitalized at the rate set by the Legislature.