What does "Statutory Ratable" refer to?

"Statutory Ratable" refers to properties that contribute to the tax base as specified by law. This term is essential within the context of property taxation as it helps to define what constitutes the taxable value of real estate in a jurisdiction. Essentially, statutory ratables include all properties that are not exempt from taxation and are subject to municipal tax rates.

When properties are classified as statutory ratables, they are recognized legally as part of the pool of properties that generate municipal revenue, thus playing a vital role in funding local services and infrastructure. This designation is grounded in statutes that outline specific categories of properties eligible for taxation, ensuring that there is a clear framework for determining which properties contribute to the fiscal responsibilities of a municipality.

In contrast, properties exempt from taxation do not fall under this classification, nor do undervalued properties or those that fluctuate in value merely for assessment purposes. The concept of statutory ratables is fundamental for tax assessors and local governments when managing and planning for taxation and budgeting.