How are my taxes determined?

The assessor multiplies the total assessed value of property as of January 1 of the tax year by the tax rate to get your tax bill. Though the assessed value of your property affects your share of taxes, the actual amount you pay is determined by the budget needs of the schools, city, county, technical college, and state. All of these tax units decide what services they will provide in the coming year and how much money they will need to provide those services. This amount is divided by the assessed value of all city property minus the school tax credit to arrive at the net tax rate. The tax rate is the rate that is necessary to raise sufficient money for the property tax to meet the levy. The levy is determined by totaling all expected sources of revenue, such as state aids and shared revenues, license fees, etc. This amount is then subtracted from the estimated expenditure figure, and the remainder must be raised from the property tax.

Show All Answers

1. When am I going to get my tax bill?
2. What is my tax amount?
3. What is the Tax Rate (net assessed value rate) for 2022
4. What is the amount of the 2022 First Dollar Credit?
5. What is the amount of the 2022 Lottery Credit
6. What forms of payment do you accept?
7. Where do my tax dollars go?
8. To whom should I sign checks?
9. Who is in charge of collecting taxes?
10. How are my taxes determined?
11. How can I change the ownership name on the bill?
12. How can I change my mailing address?
13. When is the tax bill due? Do I have to pay the whole bill ?
14. If I choose the installment option, can I pay more than the installment amount due?
15. What determines a timely payment?
16. What if I can't pay the amount due?
17. How is penalty calculated?
18. Do I have to wait in a long line if I come in person to pay my taxes?
19. What if I cannot mail the payment in time or make it in person before you close?
20. Do I need to endorse the back of my escrow check?
21. What do I do if the escrow check from my mortgage company is not enough (or too much) to cover the amount due?
22. I just got my real estate tax bill in the mail. What do I do now?
23. I am not sure if I am supposed to pay my property taxes, or if my mortgage company is paying them. How do I find out?
24. I recently purchased this property. I thought the taxes were already paid. Why am I getting a bill?
25. Do I have any recourse if I disagree with this bill?
26. What are personal property taxes?
27. How do I get the lottery credit?
28. How do I apply for the lottery credit after the fact?
29. Are there any programs to help me with my property taxes?