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Statute provides that the actual value of property is not the taxable value. Rather, the taxable value is a percentage of the actual value. The percentage is called an “assessment rate,” and the resulting value is called the “assessed value.” With the repeal of the Gallagher Amendment in 2020, the multi-family and residential assessment rate was frozen at 7.15%. While the rate is set in statute as 7.15%, it has been temporarily reduced to 6.765% for the 2023 tax year. For agricultural and renewable energy properties, the assessment rate is 26.4%. The assessment rate is 27.9% for all other properties. In addition to the temporary assessment rate reduction for multi-family and residential properties, for 2023 only:
The below examples do not reflect the exemptions listed above. Your property taxes are calculated by multiplying the mill levy or tax rate by the assessed or taxable value of your property. Please keep in mind that tax rates are not finalized until December of each year and are subject to change.
The actual value of Mr. Brown’s home is $500,000. The Notice of Valuation shows the current assessment percentage is 6.765%.
Actual Value x Assessment Rate= Assessed Value
$ 500,000 Actual Value x 6.765% Assessment Rate = $ 33,825 Assessed Value
To determine the property tax, multiply the assessed value times the decimal equivalent of the total mill levy. A mill is equal to 1/1000 of a dollar. A tax rate is the mill levy expressed as a percentage. Thus 98.42 mills = 9.842% or .09842 as the decimal equivalent.
If Mr. Brown’s assessed value is $33,825, his taxes will be:
Assessed Value x Mill Levy = Taxes
$ 33,825 Assessed Value x .09842 Mill Levy = $ 3,329 Taxes
The actual value of Ms. Green’s vacant land parcel is $150,000, and the assessment percentage is 27.9%.
Actual Value x Assessment Rate= Assessed Value
$ 150,000 Actual Value x 27.9% Assessment Rate = $41,850 Assessed Value
To calculate the property tax for Ms. Green’s land, multiply the assessed value times the decimal equivalent of the total mill levy. A mill is equal to 1/1000 of a dollar. A tax rate is the mill levy expressed as a percentage. Thus 98.42 mills = 9.842% or .09842 as the decimal equivalent.
If Ms. Green ’s assessed value is $41,850, her taxes will be:
Assessed Value x Mill Levy = Taxes
$ 41,850 Assessed Value x .09842 Mill Levy = $ 4,118 Taxes