Assessed Value
State statutes provide that the actual (or market) value of property is not the taxable value. Rather, the taxable value is a percentage of the actual value. The percentage is called an “assessment rate,” and the resulting value is called the “assessed value.” The residential assessment rate -- currently 7.96 percent -- is established by the legislature every odd-numbered year in order to maintain the tax burden balance between residential properties and all other properties.
Example:
The actual (or market) value of Mr. Jones’ home is $100,000. Actual Value | x | Assessment Rate | = | Assessed Value | $ 100,000 | x | 7.96% | = | $ 7,960 |
Your property taxes are calculated by multiplying the mil levy (or tax rate) by the assessed value of your property. To determine the amount of property taxes, multiply the assessed value times the decimal equivalent of the total mil levy (one tax mil is equal to 1 cent on $10.) Using the above example, Mr. Jones’ property taxes would be calculated as follows: Assessed Value | x | Mil Levy | = | Taxes | $ 7,960 | x | .001 | = | $ 7.96 |
These same formulas may be used to calculate your property taxes for your schools if you know your home’s market value. Disclaimer: This is a means for you to estimate the portion of your property taxes that are received by the schools and is based upon the market value you provide and the most recent mil levy available. This is not an actual tax.
|
 |
|
|
| In 2007, for taxes due in 2008, the Douglas County School District tax rate is 46.500 mils. For Mr. Jones' $100,000 home, 46.5 mils generates $370.14 in taxes per year.
|
|
|
