FREQUENTLY ASKED QUESTION BY HOMEOWNERS:
I do not understand why my taxes have increased so much in the last
few years.
ANSWER:
There are a number of reasons why taxes increase. A tax increase may
be attributable to additional
millages which are voted on by the general public. The Assessors office
does not have any control
over the millage increases or millages levied by the public bodies.
However an increase of five mills
for example will raise the tax liability of a $150,000 home by $37.50.
A millage rate increase from
125 mills to 130 mills would equate to a tax increase on that $150,000
home from $937.50 to $975.00.
Obviously increases in property values will cause tax liability
to increase. The law mandates that
each Assessor must reappraise real estate at least every four years.
As you can see from the
example cited below, relatively small to moderate increases in value
as a result of reappraisal or
additional property purchases can result in large increases in tax
liability. The example cited
below is an actual assessment from my office. As can be seen from
this example property values
and property taxes do not proportionately relate to each other.
PARCEL
LISTING
|
| |
|
|
| Description |
Assessed Value |
Fair Market Value |
| Country Lots |
740 |
7,400 |
| Residential IMP |
8,260 |
82,600 |
| Item Totals |
9,000 |
90,000 |
| Less Homestead Value |
-7,500 |
-75,000 |
| Value Subject To Taxation |
1,500 |
15,000 |
| |
|
|
| Assessed Value |
$1,500 |
|
| Applicable Millage Rate |
x 122.64 MILLS |
|
| Taxes Owed 2002 |
$183.98 |
|
Tax Year
|
Description |
Value |
Taxable Value |
Millage Rate |
Taxes |
1992 |
Reappraisal |
$77,000 |
$2,000 |
120.00 |
$24.01 |
1996 |
Reappraisal
($4,000 inc.) |
$81,000 |
$6,000 |
117.90 |
$70.74 |
1997 |
Homeowner purchased adjacent lot ($3,000 inc.) |
$84,000 |
$9,000 |
125.00 |
$112.96 |
2000 |
Reappraisal |
$90,000 |
$15,000 |
126.90 |
$190.35 |
2002 |
Millage change |
$90,000 |
$15,000 |
122.65 |
$183.98 |
|