Home Tax Assessment

A home tax assessment is a survey and determination of the tax which can be collected from a particular property, residential in this case, after an analysis of the assets associated with the property. There are many scientific methods which are used by tax assessors to determine the tax rates that must be levied on a residential property. Similarly, a number of factors can affect the increase or decrease in property tax rates and these have to be specified as well.

Sample Home Tax Assessment:

Nature of property to be assessed for the taxation purposes: Residential bungalow which is occupied by a family of five with two working members.

Purpose of home tax assessment: In accordance with TXS rule 23, all residential properties in California have to be reassessed in order to establish revised taxation rates.

Location and address of the property to be assessed: 56 Sally Bourne Avenue, California

Name of owner: Joseph Fields

Outstanding tax dues [after calculation at revised rates, determined from 2007 to the present year]: 2 million USD

Considerations on which tax rates were determined:

  • Price of property
  • Furnishings and other fittings in the house
  • Location of the house
  • Number of working members
  • Number of dependents
  • Taxation record so far [whether defaulter or not]
  • Availability of amenities like nearby healthcare services, shopping complexes, public transport, accessibility and so on.

Date of completion of home tax assessment: 1st June 2011

Last date by which all dues must be cleared: 31st December 2011

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