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<br />HOW ARE YOUR PROPERTY TAXES DETERMINED <br /> <br />Box 4 <br /> <br />Box 1 <br /> <br />Total <br />Proposed Local <br />Budget <br /> <br />Assessor's <br />Market Value <br /> <br />- minus <br /> <br />X times <br /> <br />Box 5 <br /> <br />Box 2 <br />All Non-Property <br />Tax Revenue, eg: <br />* State Aids <br />* Fees, Charges etc. <br /> <br />State <br />Mandated <br />Class Rates <br /> <br />= equals <br /> <br />= equals <br /> <br />Box 6 <br /> <br />Box 3 <br /> <br />Property Tax <br />Revenue Needed <br />(Levy) <br /> <br />divided by <br /> <br />Total <br />"Tax Capacity" <br />(Formerly Assessed Value) <br /> <br />= equals <br /> <br />Box 7 <br /> <br />Property <br />Tax <br />Rate <br />("Tax Capacity Rate'''' <br /> <br />YOUR PROPERTY TAX = <br /> <br />Your Property's Market Value X Class Rate(s) X "Tax Cavacity" Rate <br /> <br />Example: <br />Suppose your home is classified as Residential Homestead and is valued at $90,000 and the local tax rate is 1.15162 <br /> <br />THEN: <br /> <br />Your home's tax capacity = <br />($72,000 times 1%) + ($90,000 minus $72,000) times 2% = $1,080 <br /> <br />AND: <br /> <br />Your total property tax is = <br />$1,080 times 1.15162 = $1,243.75 <br /> <br />Your City share of tax is = <br />$1,080 times 0.19968 = $215.66 <br /> <br />Public Hearing - December 4, 1996 <br />-'1- <br />