Sample Calculation
Auditor's Market (100%) Value
| 100,000.00
|
Multiply by 35%
| 0.35 |
Equals taxable value
| 35,000.00
|
|
|
Taxable value
| 35,000.00
|
Multiply by effective tax rate
| 0.049479438
|
Gross full year tax
| 1,731.78
|
Divide by 2 (equals half year tax)
| 1,731.78/2 = 865.89
|
Multiply by 10% rollback
| -86.59
|
Multiply by 2.5% owner occupancy credit
| -21.65
|
Minus homestead exemption **(if applicable)
| N/A |
Equals the half year net tax
| 757.65
|
|
|
Plus any special assessments (if applicable)
| N/A
|
Equals half tax due
| 757.65
|
To qualify for the 2.5% owner occupancy credit, the owner of the property must reside in the home.
To qualify for the homestead exemption, the following criteria must be met:
- 65 or older or permanently disabled and you must own and live in the residence receiving the exemption.
- Be a surviving spouse between 59-64 whose property was already receiving the exemption.
- File an application for exemption with the Auditor by the first Monday in June. (Applications are available thru the Auditor's office)