• Removal of Prior Year Compensation – removes value applied to the 2016 Equalized Value to compensate for over or under-valuation in 2015

  • Amount of Economic Change
    • Includes changes due to market conditions, based on analysis of the prior year's sales
    • Note: According to the use value assessment law, the reported value of agricultural land included in the Equalized Value reflects the land's "use value"; not the current market value. Undeveloped and Agricultural Forest classes are valued at 50 percent of market value.

  • Amount of New Construction
    • Land value changes are due to higher land utility
    • Improvement value changes are due to construction of new buildings

  • 70.57 Correction and Compensation
    Includes:
    • Current Year Correction – corrects a 2016 over or under-valuation in the 2017 Equalized Value and carries forward into future years
    • Current Year Compensation – one-time adjustment to compensate the municipality for any over or under-valuation of the 2016 Equalized Value; the adjustment is removed in the following year

  • Amount of All Other Changes
    Can include the following changes:
    • DOR's market field studies
    • Demolition or destruction of buildings or other improvements
    • Changes in property's exempt status
    • Changes in classification of property
    • Annexation gains or losses
    • Other miscellaneous changes

  • Personal Property
    Displays prior year and current year totals by category and percent change, including prior year compensation, for the following:
    • Non-manufacturing personal property
    • Manufacturing personal property
    • Total of all personal property

If you have questions, contact the Equalization Bureau District Office in your area.


August 1, 2017