Answers to FAQs — 'Yes' on 1A

How are property taxes calculated?

  • Actual Value x Assessment Rate = Assessed Value
  • Assessed Value x Mill Levy = Taxes
Example Using a $300,000 Residence and 100 Mills Levy
  • $300,000 X 7.2% = $21,600
  • $21,600 X 0.100 = $2,160.00 total taxes
If the total mill levy is 100 mills and using the residential assessment rate of 7.2% and a non-residential assessment rate of 29%, annual taxes would be:
  • For residential property – $7.20 per $1,000 of value.
  • For non-residential property – $29 per $1,000 of value.
Please note: taxes for like-valued properties will vary based on the specific mill levy for the tax district where the property is located.