How Taxes are Calculated

Tax Calculations

  • Actual Value x Assessment Rate = Assessed Value
  • Assessed Value x Mill Levy = Taxes

Example Using a $300,000 Residence and 100 Mills Levy

  • $300,000 X 7.2% = $21,600
  • $21,600 X 0.100 = $2,160.00 total taxes

If the total mill levy is 100 mills and using the residential assessment rate of 7.2% and a non-residential assessment rate of 29%, annual taxes would be:

  • For residential property - $7.20 per $1,000 of value.
  • For non-residential property - $29 per $1,000 of value.

However, taxes for like-valued properties will vary based on the specific mill levy for the tax district where the property is located.