Payne County - Important Dates

HOW THE 5% LIMITATION FACTOR WORKS IN PROPERTY ASSESSMENTS

The 5% limitation on assessment increases is not an automatic increase. Annual property sales determine if current market prices have increased or decreased. Payne County residents have saved more than $8.3 million in lower property taxes since voters passed it in 1996. The following information will help explain how the 5% limitation works and saves homeowners on property taxes.

The steps used to calculate the assessment of individual parcel.

Step 1.	(a) Assessors are required by law to annually assess properties at 100% of current years market value.
Step 1.	(b) Assessors are also required by law to apply up to a 5% increase factor to the value of the property if the last year's taxable market value is less than the CURRENT YEAR'S MARKET VALUE.
Step 2.	Information from all real estate sales and other data are analyzed to see how it is affecting market value.
Step 3.	Based on this information, appraisals are then calculated to arrive at CURRENT YEAR'S MARKET VALUE
Step 4.	If the value of the property increases then a Notice of Change is sent to the property owners.

CURRENT YEAR'S MARKET VALUE: The value of the taxpayer's property based on sales that are set by a willing buyer and a willing seller. Similar properties in like neighborhoods are analyzed to set market value.

TAXABLE MARKET VALUE: The value that is limited to an increase, up to 5%, if that value is below the CURRENT YEAR'S MARKET VALUE.