What is Taxable Value?
An assessment ratio of 50% is multiplied by the Assessor’s appraisal to get assessed value.
Then, the assessed value is multiplied by 9% for residential and 10% for all other property classes to get taxable value. Therefore, the taxable value of residential property is 4.5% of the Assessor’s estimate of value and 5% of the Assessor’s value for commercial and agricultural property.To calculate annual taxes for a property, the taxable value is multiplied by the mill levy.
Then, the assessed value is multiplied by 9% for residential and 10% for all other property classes to get taxable value. Therefore, the taxable value of residential property is 4.5% of the Assessor’s estimate of value and 5% of the Assessor’s value for commercial and agricultural property.To calculate annual taxes for a property, the taxable value is multiplied by the mill levy.