Property Tax

How to calculate property taxes

Property tax calculation is a straightforward multiplication problem. The formula is:

Taxable Value X Millage Rate = Total Tax

The taxable value of the property is a formula that in most cases has been capped by the rate of inflation. It is reported to you each February on the Change of Assessment notice.

The millage rate is the total number of mills (1 mill = 1/1000 of $1) being levied by each taxing authority. Millage rates are calculated in the early summer for the summer collection and early winter for the winter collection. The millage rate will vary each year depending upon whether there was a voter approved millage increase or an expiration of a millage that was previously voted upon.

Here is an example of how to calculate a tax bill

Taxable Value = 123,456   Millage = 23.4567

Taxable Value x Annual Millage = Annual Tax
123,456.00 .0234567 2895.87
OR
123,456.00 23.4567 2895.87
  • If you need to know the summer portion of the annual tax bill, simply substitute the summer millage rate into the equation. The summer portion is due September 14.
  • If you need to know the winter portion of the annual tax bill, simply substitute the winter millage rate into the equation. The winter portion is due February 14.