Value Types

California

• A value type called Restoration Valuestores the Restored Value to identify a property with a new construction that has been restored as a result of a calamity. This value type is populated from data from the Valuation module and used by Assessment Administration to create the Assessment.

Charleston

• Three value types specific to your jurisdiction allow ResLivingUnits value coming from ProVal to be changed in Aumentum only once and not be overridden by future imports from ProVal. These value types are:

• ResLivingUnits - Residential Living Units

• PVResLivingUnits - Residential Living Units from ProVal

• OVResLivingUnits - Residential Living Units Override Value.

• To accommodate this change, the PVInterface has been updated as follows:

• PVResLivingUnits are updated/added with the value from ProVal, so a record of what came from ProVal always exists.

• ResLivingUnits are updated/created with the override residential living units amount if it exists in the previous valuation or the ResLivingUnits value from ProVal if not

• OVResLivingUnits are always copied forward from the previous valuation.

• For example, if you want to change the value for the current year, update ResLivingUnits. If you also want to override the value coming in from ProVal for future years, create OVResLivingUnits.

Santa Cruz

• An exemption late filing penalty in the amount of 25% of the additional assessed value is now applied to the first year of an exemption in the form of a percentage reduction of the exempted value if a fraudulent exemption claim causes an escape R&T 504. The penalty is 75%/month interest added to the tax from the date or dates the taxes would have become delinquent, if they had been timely assessed, to the date the additional assessment is added to the assessment roll.
  
  To accommodate this, Late filing is now recorded as a Value Type that is calculated during processing. Assessment Administration calculates and creates the penalty assessment.  The type of exemption determines the late filing dates and percentage. Penalties are imposed based on the application date of the exemption.
  
  Aumentum Records captures the:
   

1. Value modifier type to which the penalty assessment may apply

2. First and final date when the penalty calculation applies

3. Either the amount or the percentage imposed as the penalty assessment, and

4. First and final year for when the penalty assessment rule applies. In addition, there are two penalty periods for the Vet and Low Income Vet.

Set up value types on the Maintain Value Types screen. To set up and maintain Value Modifiers, including value amount and calculation method, go to Assessment Administration > Assessment Maintenance > Value Modifier Maintenance > Select Revenue Objects > Maintain Value Modifiers. To set up and maintain Process Steps, go to Assessment Administration > Setup > Process Steps > Maintain Process Steps.