Glossary of Terms F - R
Glossary of Terms
Full ValueFor all practical purposes, the same as equalized value. It represents the current market value of all taxable property within the boundaries of municipality or a district, such as a school district or tax incremental district.
Market ValueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell, and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property.
Manufacturing ClassManufacturing property consists of all property used for manufacturing, assembling, processing, fabricating, making or milling tangible personal property for profit. It also includes establishments engaged in assembling component parts of manufactured products. The Wisconsin Department of Revenue assesses all manufacturing class properties in the City of Superior. Manufacturing properties represents 2% of the total real property assessed value of the city.
Mean ValueThe average value. It is determined by dividing the total value of all properties by the number of properties in a data set.
Median ValueThe value of the property located at the midpoint of all property assessments when arranged in order according to value. It is a positional average and is not affected by extreme value outliers.
Personal Property ClassPersonal property as described in S. 70.04, Stats., includes all goods, wares, merchandise, chattels, and effects of any nature or description, having any real or marketable value, and not included in the term "real property." The subclasses of personal property include: boats and watercraft; machinery, tools, and patterns; furniture, fixtures, and equipment; all other personal property.
Locally Assessed Personal Propertybasically includes all personal property used by businesses. It does not include inventories.
Manufacturing Personal Propertyis assessed by the Wisconsin Department of Revenue.