Property Tax Calculation
Property Tax Calculation
Your property taxes are determined by multiplying the actual value times the assessment rate times the mill levy. The assessment rate on residential properties is 11.5%. The assessment rate for commercial and industrial properties is 25%. The assessment rate is fixed by law and is the same statewide.
Example Calculation
- The market value of your home: $60,000
- Statewide residential assessment rate: 11.5%
- The assessed value of your home would be $6,900. ($60,000 X .115 = $6,900)
- $60,000 (Actual Market Value) X .115 (State Residential Assessment Fee) = $6,900 (Assessment value)
- If the total mill levy determined by the local taxing authorities is 125 mills
- Multiply the assessed value of your property ($6,900) by the mill levy (125 mills or .125).
- The answer is $862.50, which is your share of the total responsibility to support the programs for which the taxes are budgeted.
- $6,900 (Assessed Value) X .125 (Mill Levy) = $862.50 (Tax Amount)
Assessment Ratios
| Property Type | Assessment Rate | Class |
|---|---|---|
| Residential: Includes homes, apartments and condominiums | 11.5% | RR, RU |
| Commercial: Real property used for commercial or industrial purposes | 25% | CR, CU |
| Residences on farm homesteads | 11.5% | FR, AU |
| Ag Land: Land used to develop agricultural use | 30% | AR, AU |
| Ag Improvements: Improvements on land devoted to agricultural use | 25% | AR, AU |
| Vacant Lots: Vacant land with no improvements | 12% | VR, VU |
| Non-Profit: Real property owned and operated by not-for-profit organizations | 12% | NR, NU |
| Tax Exempt Property | 0 | EX |
| All Others: Rural and urban real property not elsewhere classified | 30% | OR, OU |
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Property Tax Calculation
Property Tax Calculation
Your property taxes are determined by multiplying the actual value times the assessment rate times the mill levy. The assessment rate on residential properties is 11.5%. The assessment rate for commercial and industrial properties is 25%. The assessment rate is fixed by law and is the same statewide.
Example Calculation
- The market value of your home: $60,000
- Statewide residential assessment rate: 11.5%
- The assessed value of your home would be $6,900. ($60,000 X .115 = $6,900)
- $60,000 (Actual Market Value) X .115 (State Residential Assessment Fee) = $6,900 (Assessment value)
- If the total mill levy determined by the local taxing authorities is 125 mills
- Multiply the assessed value of your property ($6,900) by the mill levy (125 mills or .125).
- The answer is $862.50, which is your share of the total responsibility to support the programs for which the taxes are budgeted.
- $6,900 (Assessed Value) X .125 (Mill Levy) = $862.50 (Tax Amount)
Assessment Ratios
| Property Type | Assessment Rate | Class |
|---|---|---|
| Residential: Includes homes, apartments and condominiums | 11.5% | RR, RU |
| Commercial: Real property used for commercial or industrial purposes | 25% | CR, CU |
| Residences on farm homesteads | 11.5% | FR, AU |
| Ag Land: Land used to develop agricultural use | 30% | AR, AU |
| Ag Improvements: Improvements on land devoted to agricultural use | 25% | AR, AU |
| Vacant Lots: Vacant land with no improvements | 12% | VR, VU |
| Non-Profit: Real property owned and operated by not-for-profit organizations | 12% | NR, NU |
| Tax Exempt Property | 0 | EX |
| All Others: Rural and urban real property not elsewhere classified | 30% | OR, OU |