In the context of property taxation, what does the term 'functionally located' refer to?

The term 'functionally located' in property taxation typically refers to the physical placement of property in relation to its purpose or function. When considering properties such as boats, this means examining where the property is docked or stored, as that location directly impacts its usage and value.

Understanding the context of property taxation is crucial; for instance, assessing a boat based on its docking site acknowledges how its location affects its usability and market value. In contrast, the last known owner's location, a property's assessed location, or sites mentioned in a tax plan do not directly relate to the functional aspect of where a property like a boat is situated in relation to its intended use and operational capabilities. Thus, 'functionally located' emphasizes the practical implications of a property's situation in the marketplace, which is indeed best captured by where a boat is docked or stored.