Considers cost of material and labor to replace the property being valued. An allowance for accumulated depreciation is applied to arrive at a value. Net income from rent is converted into a potential worth. Operating expenses are deducted from gross revenues, and the result is capitalized to produce an indication of value. Statutes call for vacant and unused farmland to be assessed according to its market value.
Taxes become a lien.
If the property changes ownership, the new owner becomes liable for any unpaid taxes. If taxes are not paid, the property can be sold to satisfy the unpaid taxes and any other liens. Personal Property -Taxes due on personal property remain the responsibility of the taxpayer who owned the property on assessment date. If not paid, these taxes and penalties can be recovered by civil suit. Most personal property is taxed in the county and city where the taxpayer lives.