How Are My Taxes Figured?
To Calculate the Assessed Value
To calculate the assessed value, multiply the appraised value by one of the following state assessment rates:
| Property Type | Assessment Rate |
| Agricultural Buildings | 25% |
| Agricultural Land* | 30% |
| Commercial / Industrial | 25% |
| Not-for-Profit | 12% |
| Public Utility | 33% |
| Residences on Farm Home Sites | 11.5% |
| Residential | 11.5% |
| Vacant Lots | 12% |
| All Other Rural and Urban Properties | 30% |
*By law, agricultural land is not valued at fair market value, but upon its productivity and use.
If the Appraised value of your Residential Property is $120,000, the assessment rate would be 11.5%, you would calculate the assessed value as follows: $120,000 x .115 = $13,800.
To Calculate your Tax Amount
Mill levies set by taxing groups like school districts, cities, and counties are used to calculate your taxes. Let's assume the combined mill levy has been set at 120 mills. Multiply the assessed value of your property by the mill levy and this will indicate your tax amount that will be due for the entire year. (Please note that Special Assessments and School General Finance may alter the overall final amount due on your tax statement.)
Example
| Market Value of Home | $120,000 |
| Assessment Rate - Residential | x0.115 |
| Assessed Value (AV) | $ 13,800 |
| Mill Levy ($120 mills per $1000 AV) | x0.120 |
| Amount of Taxes | $ 1,656 |