What characterizes specially assessed property?

Specially assessed property is characterized by the fact that it uses a prescribed valuation method that differs from the standard approach of appraising real market value (RMV). This typically applies to properties that meet certain criteria for special assessment, such as agricultural lands, forest lands, and other unique uses that contribute to the preservation of special resources or qualities.

The assessment aims to reflect the property's use rather than its potential market price, acknowledging that certain properties maintain value in ways not captured by traditional market valuations. This adjusting methodology ensures these properties are not penalized by inflated values due to external market forces that do not affect their functional value, allowing them to maintain their intended use and purpose.

By employing this specific valuation method, the assessment can lead to lower property taxes for the owners of specially assessed properties, ensuring they remain economically viable while fulfilling their intended use.