Example Using a $300,000 Residence and 100 Mills Levy
- Actual Value x Assessment Rate = Assessed Value
- Assessed Value x Mill Levy = Taxes
- $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.
taxes for like-valued properties will vary based on the specific mill levy for the tax district where the property is located.