Transcription of 04.06 CLASSIFICATION OF PROPERTY
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04.06 CLASSIFICATION OF PROPERTY
CHAPTER 4: TAX BASE OVERVIEW AND VALUATION OF PROPERTY CLASSIFICATION OF PROPERTY - 1 UP TO DATE THROUGH 2017 SESSION CLASSIFICATION OF PROPERTY Overview Although the CLASSIFICATION of PROPERTY for purposes of taxation can be thought of as a broad concept where any feature that differentiates properties in any way is a form of CLASSIFICATION , this section addresses the more specific and overt application of different rates of taxation on different defined types of PROPERTY . Many states draw a distinction between market values and assessed values which reflect the application of different assessment ratios for a limited set of different PROPERTY types (such as commercial/industrial, residential, agricultural, etc.). Minnesota, which has a uniformity clause in its constitution that allows for different classes of PROPERTY to be taxed at different rates, has perhaps the most detailed CLASSIFICATION system for a wide range of defined classes of PROPERTY .
Homestead Status One of the most important distinctions in the various definitions of classes is the distinction of homesteads from non-homesteads or other sorts of property.
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