How to Calculate Taxes
How to calculate your Estimated Net Tax:
Tax Example with No Credits
STEP-BY-STEP INSTRUCTIONS: |
CALCULATION |
1) Enter your assessed value |
$100,000 |
2) Enter the rollback* |
x0.455893 |
3) Multiply line 1 by line 2 (Equals your gross taxable value) |
$45,589 |
4) Enter the tax levy for your tax district ** |
x0.04147061 |
5) Multiply line 3 by line 4 |
$1,890 |
Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar) |
Example with Homestead Credit
STEP-BY-STEP INSTRUCTIONS: |
CALCULATION |
1) Enter your assessed value |
$100,000 |
2) Enter the rollback * |
x0.455893 |
3) Multiply line 1 by line 2 (Equals your gross taxable value) |
$45,589 |
4) Subtract Homestead Credit |
-$4,850 |
5) Equals your Net Taxable Value |
$40,739 |
6) Enter the tax levy for you tax district ** |
x0.04147061 |
7) Multiply line 5 by line 6 |
$1,689 |
Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar) |
Example with Homestead & Military Credit
STEP-BY-STEP INSTRUCTIONS: |
CALCULATION |
1) Enter your assessed value |
$100,000 |
2) Enter the rollback * |
x0.455893 |
3) Multiply line 1 by line 2 (Equals your gross taxable value) |
$45,589 |
4) Subtract Military Credit *** |
-$1,852 |
5) Subtract Homestead Credit |
-$4,850 |
6) Equals your Net Taxable Value |
$38,887 |
7) Enter the tax levy for your tax district ** |
x0.04147061 |
8) Multiply line 6 by line 7 |
$1,612 |
Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar) |
* State Rollback-Residential Class is rounded to the nearest $10.
** Tax levy $41.47061 per thousand dollars of value varies with each taxing district.
*** Military Credit =
Enter $1,852 for any war or military action after WWI.
Enter $2,778 if you served in WWI