How do I estimate my taxes?

The taxable value (assessed value) of your property is a percentage of its actual value. For 2022-2023, those percentages are as follows:

Type of PropertyAssessment Rate
Non-residentialHotels, motels and B&Bs - 'lodging properties'
29%
Renewable Energy Production26.4% (returns to 29% in 2024)
Agricultural Property26.4% (returns to 29% in 2024)
Commercial, Vacant, Industry29%
Oil & Gas87.5%
ResidentialMulti-family housing (i.e. apartments)6.80% (returns to 7.15% in 2024)
All other residential property6.95% (returns to 7.15% in 2024)

The State Legislature is responsible for setting these percentages.

Follow these simple steps to compute your taxes:

1. Actual Value X Assessment Percentage = Assessed Value

2. Assessed Value X Mill Levy = Estimated Taxes

For Instance: The Actual Value of your improved residential property is: $ 400,000. The residential assessment percentage is x .0695. So, your Assessed Value is: $ 27,800. The Mill Levy of your Tax Area is: x .044235. So, your estimated taxes are: $ 1,229.73.

Show All Answers

1. How do I estimate my taxes?
2. How do I find out what my Tax Area is?
3. How do I find out what the Mill Levy is for the location of my property?
4. By whom are the Mill Levies set and when are they set?
5. To whom do I pay my taxes?
6. I have a question about my taxes. Who do I call?
7. When do I get my tax bill?
8. What’s the deadline for paying my taxes?