The amount of tax you owe is based on the taxable value of the real property and the levy rates provided by the political subdivisions (example, school districts, city, fire district, etc.) where the property is located. The higher the taxable value, the higher the amount due will be. The value of the property is determined by the county assessor. The taxable value of your property is listed on your tax bill.
Your real estate property tax is calculated by dividing the taxable value of the property by 100, and then multiplying that value by the levy rate for your area.
- Real Estate Property Tax = (Taxable Value/100) x (Levy Rate)
The Collections Department cannot lower your assessed value, levy rate or tax bill amount.
Market Value is the amount the Assessor has determined your property is worth on the market.
Assessed value is a percentage of the market value as determined by the assessor's office. In order to calculate the assessed value, multiply the market value by the appropriate assessment rate for the type of property.
- Residential Property 19%
- Commercial Property 32%
- Agricultural Property 12%
Taxable value is the assessed value less any exempted value.
Example of Value Calculations & Tax Determination
- Market Value x Classification Rate = Assessed Value - Exempted Value = Taxable Value
- $110,000 x Residential 19% = $20,900 - $11,400 = $9,500
- Taxable Value / 100 = ___ x Tax Rate = Tax Bill
- $9,500 / 100 = $95 x $7.8368 = $744.50
Tax rates are set each year by local taxing entities within the limits allowed under the constitution and state law.