Definition
Includes all personal property used by non-manufacturing businesses. It does not include inventories. Locally assessed personal propertyIncludes all personal property used by non-manufacturing businesses. It does not include inventories. Locally assessed personal property represents about 3% of the total assessed value of the city. represents about 3% 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.