True and Full Value X 50% = Assessed Value
Assessed Value X 9% for residential properties and 10% for all other properties = Taxable Value
Taxable Value X the current Mill Levy = Annual Tax
The following example uses a residential property valued at $100,000.
|Assessor's True and Full Value||$100,000|
|Assessed Value (50% of True and Full Value)||$50,000|
|Taxable Value (Assessed Value X 9% residential tax rate)||$4,500|
|Annual Tax ( Taxable Value X the *Mill Levy)||$1,066|
*Note: 2019 Mill Levy .23689 (236.89 divided by 1,000). The mill levy is subject to change annually.
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