Ad Valorem Property Tax

The taxpayer shall be responsible for supplying the MSRP for a new vehicle, by submitting a copy of the window sticker with the MSRP, to the tax collector at the time the tag is purchased. This certification shall be submitted to the Tax Commission no later than February 15th for all tax payments made for the preceding assessment year. Failure to submit the appropriate certification by the date specified shall result in the taxpayer not receiving the payment until the following tax year.

The Minnesota Department of Revenue developed rules governing the valuation of railroad operating property. The rules have been in effect since 1979 when common carrier railroads went off the gross earnings tax. Each railroad is required to file an annual report containing the necessary information. The property appraiser assesses the value of a property, and the Board of County Commissioners and other levying bodies set the millage rates. Upon completion, the tax roll is then certified to the tax collector who prints and mails the tax notices. To ensure tax notices are received, the owner must immediately update any changes in the name and address with the property appraiser.

The Minerals Tax unit of the Special Taxes Division provides counties with valuation information only for the ad valorem taxes on unmined taconite and unmined natural iron. We have no administrative responsibility or duties relating to the ad valorem taxes on 1) Auxiliary Mining lands for Taconite Operations; 2) Taconite Railroads; or 3) Severed Mineral Interests. The County Tax Commissioner, an office established by the Constitution, is the official responsible for performing all functions related to billing, collecting, accounting for and disbursing ad valorem taxes collected in this county.

Government Resources

The county assessors have also exempted actual platted townsites that are occupied. Ad valorem tax, more commonly known as property tax, is a large source of revenue for governments in Georgia. The basis for ad valorem taxation is the fair market value of the property, which is established January 1 of each year.

The iron formation lands on the Mesabi Range are divided into two categories by the Minnesota Department of Revenue. This is done through the evaluation of exploration drill hole data submitted by the mining companies.

The county auditor sends a tax statement similar to any other real estate interest. The tax is normally collected in two increments payable in May and October.

If someone buys a DNR mining lease of 3 or more years duration, the Severed Mineral Interest Tax of 40 cents per acre applies. Contact the DNR, Minerals Division, to determine the status of activities under any state metallic minerals lease. For taconite railroads, this involves calculating a weighted cost indicator of value allowing for depreciation and obsolescence. Personal property is then deducted from the net cost indicator to yield a Minnesota taxable value. If the material fails any of the above criteria, then it is considered to be uneconomic taconite and classified as category 2. Some lands may also be considered as uneconomic due to environmental restrictions. Non-resident active duty military may request exemption from ad valorem taxes based on their residence in another state.

Local Government

This is accomplished through the use of a complex formula known as the Hoskold Formula. The formula takes into account ore prices and all the various cost factors in determining the value of the unmined ore.

• For example, property having a market value of $100,000 will have an assessed value of $60,000.
• In addition, the State levies ad valorem tax each year in an amount, which cannot exceed 1-fourth of 1 mill (.00025).
• Vehicles are taxed annually based on the value determined by the Georgia Department of Revenue.
• Around May 15, the appraisal review board begins hearing protests from property owners who believe their property values are incorrect or who did not get exemptions or agricultural appraisal.
• Next, the units set tax rates that will raise the revenue necessary to fund their budgets.
• Once the initial tax return is filed, the law provides for an automatic renewal of that return each succeeding year at the value finally determined for the preceding year.

In 1988, the legislature amended the law to allow the commissioner of the Minnesota Department of Natural Resources to lease unregistered severed mineral interests before entry of the court order determining the forfeiture to be complete. However, mining may not commence under such a lease until the court determines that the forfeiture is complete. The Lowndes County Board of Assessors, an elected body, is responsible for determining taxability, value and equalization of all assessments within the county. The County Board of Assessors notifies taxpayers when changes are made to the value of the property; receive and review all appeals filed; and insures that the appeal process proceeds properly. Also, it must result in a net increase in employment at that facility of not less than 10 percent or an increase in productive output or sales of not less than 10 percent.

Florida Trusts & Estates

The Tax Commissioner also serves as an agent of the State Revenue Commissioner for the registration of motor vehicles. Once the initial tax return is filed, the law provides for an automatic renewal of that return each succeeding year at the value finally determined for the preceding year. The taxpayer is required to file a new return only as additional property is acquired, improvements are made to existing property, or other changes occur. A new return, filed during the return period, may also be made by the taxpayer to declare a different value from the existing value where the taxpayer is dissatisfied with the current value placed on the property by the Board of Assessors. This serves the purpose of establishing the taxpayer’s appeal rights if the Board of Assessors change the declared value again. Taxpayers are required to file at least an initial tax return for taxable property owned on January one of the tax year.

A determination is made at the time of initial registration as to whether a vehicle is taxable for the year in question. In general, taxes are due if you own a vehicle on your birthday; or when the owner is a business, taxes are due on the last day of the month determined alphabetically by the name of the business as shown on the title. 204Any request from an enterprise for an industrial exemption from ad valorem taxation situated inside a municipality shall be timely filed with the municipal authorities in addition to the county authorities. The 20 percent portion of the Severed Mineral Interest Tax that is allocated to the Indian Loan Program is reported by the county auditors on the Severed Mineral Interest Return . Normally, the form is submitted twice each year to correspond with payment of Property taxes. Ownership of a specific mineral or group of minerals, such as energy minerals or precious metals rather than an actual fractional interest of all the minerals, does not constitute a fractional interest. Thus, if one individual reserved all minerals except gas, oil and hydrocarbons, and a second entity reserved the hydrocarbons, each owner would be subject to the full 40 cents per acre tax.

Actively used lands include the plant site, mining pit, stockpiles, tailings pond and water reservoirs. Also included are lands stripped and ready for mining, but not lands merely cleared of trees. It is important to note that this exemption applies only to the Ad Valorem Tax on the land and buildings and not to the Unmined Taconite Tax. Lands adjacent to these facilities, commonly referred to as auxiliary mining lands, are subject to assessment of Ad Valorem Tax administered by the county. The Board of County Commissioners, an elected body, establishes the budget for the county government operations each year, and levies the mill rate necessary to fund the portions of the budget to be paid for by ad valorem tax. A citizen board, called the appraisal review board , hears any disagreements between a property owner and the appraisal district. 101The local tax collector shall be responsible for obtaining a source of MSRP except for new vehicles.

Texas Taxes

The commission will annually furnish to each tax collector an assessment schedule for trailers, motorcycles, special equipment, etc. to be used in the assessment of this type of property. This schedule will be furnished in hard copy or the Commission may use a computer system package of assessments identified by the VIN (“vehicle identification number”).

The County Board of Education, an elected body, establishes the annual budget for school purposes and adopts the mill rate necessary to fund the portion of the budget to be paid for by ad valorem tax. If you buy a vehicle within 59 days of your registration renewal deadline , ad valorem tax is not due for the current year. If you buy a car after the birthday of an individual owner or after the alphabetic month specified for a business owner, ad valorem tax is not due for the current year. Similarly, if you move to Georgia after your registration renewal deadline, the tax is not due that year for cars you own when you move here. Vehicles are taxed annually based on the value determined by the Georgia Department of Revenue.

The county appraisal district appraises property located in the county, while local taxing units set tax rates and collect property taxes based on those values. Many taxing units outsource collections to a single entity in the county. Property taxes provide more tax dollars for local services in Texas than any other source-they help pay for public schools, libraries, playgrounds, city streets, county roads, police, fire protection, emergency medical service and many other services. Severed mineral interests are those separately owned from the title to surface interests in real estate. Each year, severed mineral interests are taxed under Minnesota law at 40 cents per acre times the fractional interest owned.

Floridas Ad Valorem Tax Exemption

Assuming that the Economic Development Ad Valorem Tax Exemption is available in the county or city where you are locating or expanding, there are requirements set forth in the Florida Statutes which must be met in order to qualify. The Florida Department of Economic Opportunity, in consultation with Enterprise Florida, maintains a list of target industries, including corporate headquarters, life sciences, information technology and aerospace. Most counties and cities also maintain their own lists of target industries.

Next, the units set tax rates that will raise the revenue necessary to fund their budgets. The adopted budgets and the tax rates set to fund the budgets determine the total amount of taxes that a person will pay. The Minnesota Department of Revenue has tried to maintain all ores on the tax rolls, including the uneconomic, underground and unavailable classifications. A schedule of minimum rates was established in 1963 and revised in 1974, 1986, 1988, 1992 and 1999. The market values for iron ores that do not show a value with the Hoskold Formula are determined from the schedule of minimum rates. See Minimum Valuation Rates on Unmined Natural Ore to view a table with the current schedules. Most of the iron ore value remaining today was determined using the schedule of minimum rates.

• 204Any request from an enterprise for an industrial exemption from ad valorem taxation situated inside a municipality shall be timely filed with the municipal authorities in addition to the county authorities.
• The ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property.
• The U.S. Supreme Court refused to hear an appeal requested by the plaintiffs.
• Special taxing units-junior college, hospital district, road district and others-may also tax your property.
• A resolution from the board of supervisors and/or municipal authorities granting the ad valorem tax exemption.
• Vehicles titled in this state will be exempt from sales and use tax and the annual ad valorem tax.

The tax return is a listing of property owned by the taxpayer and the taxpayer’s declaration of the value of the property. Each taxing unit located in that appraisal district pays its pro rata share of the budget. Most appraisal districts base each taxing unit’s share on the amount of taxes levied by that unit compared to the total taxes levied by all units in the district. If the property is located inside a city’s boundaries, you also may pay city taxes. Special taxing units-junior college, hospital district, road district and others-may also tax your property.

Title Ad Valorem Tax

If the tax is less than $50, the taxpayer is required to pay in full with the May payment. The ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. An ad valorem tax is a property tax levied on real estate exclusive of exemptions, use-value assessment provisions, and the like. An individual must be a resident of the district for two or more years before taking office.

The collection of taxes, as well as the assessment, is in accordance with the rules and regulations of the Florida Department of Revenue and Florida Statutes. The Minnesota Department of Revenue asks you to supply this information on the contact form to verify your identity.

In Lowndes County, the time for filing returns is January 1 through April 1. These returns are filed with the Assessors office and forms are available in that office.

Property Tax Important Terms

The minimum tax on any mineral interest (usually 40-acre tracts or government lots) regardless of the fractional interest owned, is $3.20 per tract. No tax is due on mineral interests taxed under other laws relating to the taxation of minerals, such as unmined taconite or iron ore, or mineral interests exempt from taxation under constitutional or related statutory provisions. In August or September, the elected officials of each taxing unit adopt tax rates for their operations and debt payments. You also may pay taxes to a city and to special districts such as hospital, junior college, water, fire and others.

The tax is levied on the assessed value of the property which, by law, is established at 40% of the fair market value. The amount of tax is determined by the tax rate levied by various entities (1 mill is equal to $1 for each $1,000 of assessed value or .001). The registration and taxation of severed mineral interests is a county function. Severed mineral interests are registered with the county recorder in the county where the interest is located.

In order to provide a tax break to the registered owners of Mississippi motor vehicles, the 1994 Mississippi Legislature authorized a credit to the owners in the amount of 5% of the assessed value of the motor vehicle. This credit eased the tax burden of the individual, however it created a loss in revenue to the local governments. Therefore, the Legislature created a fund to reimburse the local governments for this tax loss called the Motor Vehicle Ad Valorem Tax Reduction Fund. The revenue generated from the sales tax on motor vehicles goes into the fund. The tax loss created each month from vehicle registrations provides the figures used to reimburse the local governments each month. Every year the Department of Revenue must calculate the credit percentage based on the balance in the fund, the estimated sales tax revenue and the estimated tax loss to the local governments for the coming year.