Tax Calculation Process

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Mathematics of Property Tax

To determine the amount of your property taxes, several values are needed. These values are the Fair Market Value (FMV), Assessed Value (ASV), and the Millage Rate. The Millage rate is determined by the proposed budget divided by the tax digest. The Millage Rate is defined as dollars per $1,000.00 of assessed value. Example: 2009 unincorporated rate is .026977 which equals $26.98 per $1000.00 of assess value.

Fair Market Value (FMV)  X  40%=Assessed Value

Assessed Value (ASV)  X  Millage = Tax

Tax digest = Total of all Assessments

Millage Rate = Proposed Budget  divided by  Tax digest

Millage is usually expressed as dollars per $1,000.00 of Assessed Value

Example: In 2009, the County millage rate was set at .026977.  The ASV of property with a FMV of $100,000 would be 40%, or $40,000. Multiply the ASV of $40,000 by the millage rate of .026977 to get a close estimate of the property tax amount. In this example, property tax would be approximately $1,079.08.