Real estate tax is a tax which is based upon the value of real estate. Real estate, also known as real property, is defined as land and everything affixed or attached to the land. You should take an interest in the valuation of your property. The higher the value, the higher the tax. The assessed value of your property is printed on your tax statement. To determine what the Assessor believes the market value of your property to be, divide the assessed value by the adjustment factor (explained below). For residential property the formula is:
Assessed Value / .19 = Market Value
Everyone who owns real estate (certain tax exempt organizations are an exception) within the county is responsible for the real estate taxes for the property they own.
School districts, municipalities (cities and towns), fire districts, the county, and several other entities receive revenue from this source. For a complete list of the Greene County taxing districts which benefit from property taxes see the taxing districts page on this website.
Your tax is calculated by dividing the assessed value of your property by 100 and then multiplying that result by the tax levy. The formula looks like this:
(Assessed Value / 100) x Tax Levy.
Assessed value is a percentage of market value. In order to calculate the assessed value, multiply the market value by the adjustment factor which applies to the type of property being considered. The property types are agricultural property, commercial property and residential property. The adjustment factors are as follows:
The levy is the figure which is multiplied by the assessed value to arrive at the tax amount (See the Taxing District page on this website to determine the levies of the districts in which your property is located). A levy is a tax rate, sometimes called a mill rate, which is set by each taxing district which derives a part of its revenue from property tax. Taxing districts cannot arbitrarily set the tax rate they charge, but instead must put the proposed rate to a vote of the residents living within that district. Once the levy rate has been approved by the voters it typically remains at that rate until another vote is taken.
The County Assessor is the elected official charged with the responsibility of assessing the value of all real estate within the county. To do this the Assessor uses several methods. First, the Assessor employs a number of appraisers who regularly spend time out in the community measuring and evaluating new construction, reevaluating existing built-up areas on a planned basis, and responding to taxpayer requests for reevaluation. Second, the Assessor receives the help of citizens within the community by asking for current sales price information from recent property buyers. This is an extremely important part of the evaluation process because one of the most reliable appraisal methods is to determine the actual sales prices of comparable properties within the community. Third, the Assessor uses a computer program to group all of the properties in the county into comparable valuation groups called neighborhoods. Using this third method the Assessor is able to evaluate the properties which were not visited in person that tax year.
The first step is to do your homework. Property values in Greene County have consistently risen over the years as the population has expanded; the resulting demand for new homes and business space has put upward pressure on prices. Check the prices being asked for the homes which are for sale in your neighborhood and comparable neighborhoods. If you recently bought your property, you probably had an appraisal done. Once you have done your research and if it shows that your property has been overvalued for tax purposes, contact the Assessor's Office and ask them to reconsider the evaluation of your property.
Real Estate tax bills are mailed in early November each year and must be paid by December 31st. Payments not postmarked by December 31 will incur late payment fees.