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Taxable Value

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The taxable value of residential property is 4.5% of the assessor's true and full value.  For commercial and agricultural property, it is 5% of the assessor's true and full value.  To calculate annual taxes for a property, the taxable value is multiplied by the mill levy.

Property Taxes

The total property taxes collected annually is a product of the various taxing authority budgets  (City, County, School, Park).  The total of the budgets of these entities is divided by the total City valuation and the result is the mill levy. 

The following summarizes the calculation of 2019 property taxes for properties appraised at $150,000:

Residential:                       

  $150,000 x 50% (assessment ratio) = $75,000 Assessed Value                                    

                      $75,000 x 9% (residential ratio) = $6,750 Taxable Value

            $6,750 x .31588 (Mill Levy-2019) = $2,132.19 Gross Tax

                      $2,132.19 less 5% discount = $2,025.58 Net Tax


Commercial & Agricultural:   

 $150,000 x 50% (assessment ratio) = $75,000 Assessed Value     

                     $75,000 x 10% (agricultural and commercial ratio) = $7,500 Taxable Value

           $7,500 x .31588 (Mill Levy-2019) = $2,369.10 Gross Tax

                     $2,369.10 less 5% discount = $2,250.65 Net Tax

 

 

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