How are taxes calculated?
The formula for calculating residential real estate properties is as follows:
Appraised value x 11.5% = Assessed value x mill levy-$46.00*= Taxes**
* Residential properties receive a credit on the first $20,000 of assessment on the general portion of the school mill levy. This calculates to $46.00 per property.
** This will not include any specials that might be assessed such as sidewalks, streets, ect.