Definitions for "ASSESSMENT RATIO"
Of a property, the ratio between its market value and its assessed value.
the assessment percentage applied to the taxable fair cash value of the property. Real property's assessment ratio is 12% and personal property is 12% of taxable fair cash value. (S.Q. 675 provides that the assessment ratio will not increase unless approved by a majority of the voters.)
The ratio of assessment value to market value. The assessment ratio is also called the uniform percentage of value and the assessment rate. The assessment ratio for Class 1 is 6 percent and for the other tax classes, the assessment ratio is 45 percent.