RATABLE VALUE Meaning and
Definition
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The term "ratable value" refers to the assessed value or the fair market value of a property that is used as the basis for determining property taxes. It is the estimated worth of a property as determined by a governmental authority, usually a local tax assessor or municipality.
Ratable value is calculated by considering various factors such as the property's size, location, condition, and any improvements made to it. The valuation process typically involves appraisals, inspections, and comparable sales data. The purpose of determining the ratable value is to fairly distribute the tax burden among property owners based on the relative value of their properties.
The ratable value serves as a key factor in determining the amount of property taxes owed by the property owner. Tax rates are usually expressed as a percentage of the ratable value. For example, if the tax rate is 1% and the ratable value of a property is $500,000, the property owner would owe $5,000 in annual property taxes.
It is important to note that ratable value is not always equal to the market value of a property. It is often adjusted by local tax authorities to reflect certain factors, such as economic conditions or zoning restrictions, that may impact the property's value.
In summary, ratable value is the assessed or estimated value of a property used to determine property tax obligations. It serves as the basis for calculating taxes and plays a crucial role in ensuring an equitable distribution of the tax burden among property owners.
Common Misspellings for RATABLE VALUE
- eatable value
- datable value
- fatable value
- tatable value
- 5atable value
- 4atable value
- rztable value
- rstable value
- rwtable value
- rqtable value
- rarable value
- rafable value
- ragable value
- rayable value
- ra6able value
- ra5able value
- ratzble value
- ratsble value
- ratwble value
- ratqble value
Etymology of RATABLE VALUE
The etymology of the word "ratable value" can be broken down as follows:
1. Ratable: The term "ratable" comes from the verb "rate", which dates back to the late 15th century. It originated from the Middle English word "raten", which meant "to estimate the value of something" or "to estimate a price". The word "rate" has roots in the Old French word "rater" and the Medieval Latin word "ratare", both meaning "to determine a price or value".
2. Value: The word "value" comes from the Old French word "value" or "valoir" and ultimately from the Latin word "valere", which means "to be worth" or "to have value".
Similar spelling word for RATABLE VALUE
