Taxes

How to Calculate Your Taxes

 

Taxable Assessment x Mill Rate x Mill Rate Factor

                                       1000

 

Step 1: Base Tax Amount

There is a base tax of $300.00 applied to all residential properties.

There is a base tax of $650.00 applied to all commercial properties.

 

Step 2: Municipal Tax

The Municipal Mill Rate is 4.0 mills. The Mill Rate Factors are as follows:

Residential 0.930
Commercial 1.346

 

Step 3: School Tax

School Mill Rates are as follows. There is no Mill Rate Factor.

Residential 5.03
Commercial 8.28

 

Note: If paid by September 30, 2015, a 5% discount will be applied to Municipal taxes only.


 

Example 1: Residential Property with taxable assessment of $186,600.00

Step 1: $300.00

Step 2: $186,600 x 4.0 x .930 = $694.15

                                1000

 

Step 3: $186,600 x 5.03 = $938.59

                     1000

 

Total Tax Levy: $300 + $694.15 + $938.59 = $1932.74


 

Example 1: Commercial Property with taxable assessment of $549,700.00

Step 1: $650.00

Step 2: $549,700 x 4.0 x 1.346 = $2,959.58

                                1000

 

Step 3: $549,700 x 8.28 = $4551.51

                     1000

 

Total Tax Levy: $650 + $2,959.58 + $4551.51 = $8,161.09