What is the mill levy?
How to calculate property taxes.
Follow these simple steps:
1. Multiply the appraised value by the appropriate "assessment percentage" of property.
For example - use RU/RR of 11.5% (.115)
____________ x .115 = ____________ appraised value assessment rate assessed value
2. Multiply the assessed value by the "mill levy" (which is listed under the tax unit the property is located) and then divide by 1,000 to estimate the property tax.
______________ x _____________ ÷ 1,000 = $____________ assessed value mill levy tax bill
3. Effective for tax year 1999, the first $20,000 in appraised value of a residential property is exempt from the 20 mill statewide portion of the mill levy. This includes RR/RU and FR/FU properties as well as personal property manufactured/mobile homes.
For example, if the appraised value of the home is $20,000 or more, the amount of the tax bill will be reduced as follows:
20,000 x .115 = 2,300 x 20 mills ÷ 1,000 = $46 appraised value assessment assessed value statewide school mill levy amount of reduction
If the home is appraised for less than 20,000, use the appraised value and follow the same procedures as shown in the above example |