The taxable value (assessed value) of your property is a percentage of its actual value. For residential improved property (residential property with a livable improvement on it) that percentage is 7.15% (or .0715). For all other real and personal property, the percentage is 29% (or .29). The State Legislature is responsible for setting these percentages and does so each reappraisal or odd-numbered year; i.e., 2017, 2019, 2021.
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 .0715 So, your Assessed Value is: $ 28,600 The Mill Levy of your Tax Area is: x .04294 So, your estimated taxes are: $ 1,228.00