What factor characterizes a low value ordinance?

A low value ordinance is designed to streamline the assessment process for properties that fall below a certain monetary threshold, typically to reduce administrative costs and simplify tax collection. The characteristic that distinctly defines a low value ordinance is that it exempts properties with an assessed value less than a specified amount, which in this case is less than $10,000.

This exemption helps municipalities and local governments by allowing them to allocate their resources more effectively, focusing on properties that generate more significant tax revenue. By exempting low-value properties, the government's administrative burden is reduced, as there is less paperwork and fewer assessments required for these lower-value properties. This supports the intent behind low value ordinances, which is to create a more efficient and pragmatic approach to property taxation for minor assets.

The other choices do not accurately represent the nature of a low value ordinance, as they suggest alternative approaches, such as applying higher tax rates or only focusing on specific types of properties, which are not typical features of such ordinances.