Definition
The commercial classThe commercial class consists of properties where the predominant use is the selling of merchandise or a service. Apartment buildings of four or more units and office buildings are included in this class. This class also includes vacant land where the most likely use would be for commercial purposes. Commercial property represents about 29% of the total assessed value of... consists of properties where the predominant use is the selling of merchandise or a service. Apartment buildings of four or more units and office buildings are included in this class. This class also includes vacant land where the most likely use would be for commercial purposes. Commercial property represents about 29% of the total assessed valueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. of the city.