How Does One Calculate Their Property Taxes?

  • Assessed value and taxable value are not synonymous terms.
  • Property is assessed as of January 1st.
  • Property is reassessed every 2 years.
  • Taxes are levied on a value determined by the auditor by applying a "roll back" % to the assessed value and deducting any applicable exemptions or credits. The "roll back" % vary each year.
Example

                $100,000

2015 Assessed value (residential class)

              x .556259

roll back percentage (2015) (last year roll back 0.557335)

                $55,626

 

roll back value (taxable)

        x0.03578418

 

levy $35.78418  per thousand (varies with taxing district)

              $1990.53

 

Gross tax

                 -173.55

 

Homestead Credit $4,850@.100% funded for 2015

             $1,817.00

 

property tax (rounded to nearest even whole dollar)