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 purposes is 25%. The assessment rate is fixed by law and is the same statewide.
Sample Calculation:
Let’s assume the market value of your home has been determined to be $60,000, and the statewide residential assessment rate is 11.5%. This would mean that the assessed value of your home would be $6,900 ($60,00 times .115 = $6,900). Let’s also assume that the total mill levy is determined by the local taxing authorities of your particular taxing district. Multiply the assessed value of your property ($6,900) by the mill levy (125 mills or .125). The amount is $862.50, which is your share of the total responsibility to support the programs for which taxes are budgeted.
|
Property Type |
Assessment |
Approach to Value |
| Residential – includes homes, apartments, and condiminims |
11.5% |
Market Value/Cost/Income |
| Commercial – real property used for commercial or industrial purposes |
25% |
Market Value/Income |
| Ag Land – land used to develop agricultural use |
30% |
Use Value/Income |
| Ag Improv – improvements on land devoted to agricultural use |
25% |
Market Value |
| Vacant Lots – vacant land with no improvements |
12% |
Market Value |
| Non-Profit – real property owned and operated by not-for-profit organizations |
12% |
Market Value |
| All Others – all other real property not elsewhere classified |
30% |
Market Value |
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