Property taxes are the principal source of income for cities, counties and special-purpose governments like fire, schools, library, cemetery and other districts. This means that all property values could stay exactly the same and property taxes could still increase because of budget increases. The first thing you need to know about property taxes is that they are budget driven. How are the taxes on my property determined? Multiply by the Tax Levy Rate - 0.018611084Įquals the Occupancy Tax For the Barn = $911.16 July to December (Value divided by 12 months multiplied by 5 months) = $97,916 The following year the value and taxes for that home will be included with all of the other property on that parcel. Then a separate tax bill for just the home is sent out approximately two months later. A separate assessment notice that includes only the value of the home is sent out the beginning of the following year. Thus, the tax bill that is sent out in December will not include taxes for that home. The assessment notice that is sent out in June that year will not include the value of that home. The amount of the occupancy tax is the value of the structure(s) prorated from the month they are first put into use to the end of that year and multiplied by the levy rate.Ī home is built on an existing property. New construction is added to the occupancy role. Only property that exists on January 1st is taxed on the regular role that year.
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