What happens if the subject property has a ratio exceeding the county percentage level of 100%?

The situation described involves the assessment of a property in relation to the county's established percentage level for property values. If the ratio of the subject property exceeds the county's percentage level of 100%, this indicates that the assessment of that property is higher than what the county has determined as the fair market value for tax purposes.

In such a scenario, the proper procedure is to adjust the assessment to align with the county's percentage level. The assessment is calculated by taking the county percentage level and multiplying it by the true or actual value of the property. This method ensures that property assessments remain consistent with the broader property tax framework set within the county, maintaining fairness and uniformity in taxation.

This adjustment prevents properties from being overvalued and ensures that taxpayers are not paying more than their fair share based on the standardized value established by the county. The assessment will accurately reflect what would be considered fair within the county guidelines, promoting equity in property taxation among property owners.