Laserfiche WebLink
HOW ARE YOUR PROPERTY TAXES DETERMINED <br /> <br />Box ] <br /> Total <br /> Proposed Local <br /> <br />Bud$et <br /> <br /> - mimls <br /> <br />Box 2 <br /> <br />A II Non- Property <br /> <br />Tax Revem~e, <br /> <br />* State Aids <br /> <br />* Fees, Char$es etc. <br /> <br /> = equals <br /> <br />[Box 3 <br /> <br />Property Tax <br /> <br />L Revenue Needed <br /> <br />(Levy) <br /> <br />divided by <br /> <br />-- equals <br /> <br />Box 7 <br /> <br /> Property <br /> <br /> Tax <br /> <br /> Rate <br /> ("Tax Capacity Rate)" <br /> <br /> Box 4 <br /> Assessor's <br /> Market Value <br /> <br /> X times <br /> <br />Box 5 <br /> <br /> State <br /> Mandated <br /> Class Rates <br /> <br /> = equals <br /> <br />[Box6 ] <br />[ Total ] <br />[ "Tax Capacity" ] <br />[ (Formerly Assessed Value) ] <br /> <br />YOUR PROPERTY TAX = <br /> <br /> Your Property's Market Value X Class Rate(s) X "Tax Capaci/y" Rate <br />F~xainple: <br /> Suppose your home is classified as Residential Homestead and is valued at $200,000 and the local tax rate is 0.98382 <br /> <br />THEN: <br /> <br />Your home's tax capacity = <br />$200,000 times 1% = $2,000.00 <br /> <br />AND: <br /> <br />Your total property tax is = <br />$2,000 times 0.98382 = $1,967.64 <br /> <br />Your City share of tax is = <br />$1,967.64 times 0.39582 = $778.83 <br /> <br />Public Hearing - December 5, 2005 <br /> <br /> <br />