How do I calculate my property taxes?
To calculate taxes on your property, simply multiply the assessed value( a percentage of the fair market value) by the applicable millage rate. Millage rates are established by the various taxing jurisdictions levying property taxes; one mill is equal to one tenth of one percent(.001).

The following examples of tax calculations are on both residential and commercial properties assuming a land fair market value of $50,000, an improvement fair market value of $100,000 and a millage rate of 80.69 mills:

 

Land only, no improvements

Assessed value @ 10%5,000
Taxable value 5,000
Millage rate .08069
Taxes due 403
Residence with homestead exemption

Assessed value @ 10%15,000
Homestead exemption   (7,500)
Taxable value7,500
Millage rate .08069
Taxes due 605

Commercial land with improvements

Land assessed value @ 10%5,000
Impr. assessed value @ 15%15,000
Taxable value 20,000
Millage rate .08069
Taxes due1,614
Residence without homestead exemption

Assessed value @ 10%15,000
Homestead exemption -0-
Taxable value15,000
Millage rate .08069
Taxes due1,210

   

 

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