Market Value?
2007-09-01 06:56:21 · 3 answers · asked by gayannboxing 2 in Business & Finance ➔ Renting & Real Estate
Depending on your jurisdiction they are based on a percentage of your local assessor's determination of fair market value then the tax rate is applied to that. In Florida it is 30% in California it is 100% (and increases in taxable value are limited to 2% per year) This is really a pretty pointless exercise. To get $1,000 in tax from a house worth $100,000 California would set the tax rate at 1% and Florida would set it at 3.33%.
2007-09-01 07:15:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the assessors office said your home is worth $200,000 and is assessed at 65% of market value and the Mill rate is 20 (1 mill is 1/1000 of a dollar). They would calculate this way $200,000 x 65% = $130,000 then $130,000 x 20 mills =2600000/1000 = $2,600 per year in taxes
2007-09-01 08:59:02 · answer #2 · answered by Leo F 4 · 0⤊ 0⤋
Real Estate Taxes are Assessed Taxes based on a mil rate set by each county. A mil rate is basically the dollar amount of tax per $1000 of assessed value. When all levies have been set by the state, county, township, schools, and vocational districts, a mil rate is computed for each by dividing the amount levied by the total assessed value. Residents have one of three mil rates, depending on which school district they reside in. The mil rate seen on the tax bill is the state mil rate plus the county mil rate minus the county sales tax mil rate plus the township mil rate minus the school tax credit mil rate plus the mil rates for the school district and vocational district in which the taxpayer owns land.
2007-09-01 07:05:47 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋