New Tax Rate

Before I go any farther, and to keep myself from getting in trouble with the property assessor, I have to say the new property tax rate of $1.5166 might still change slightly depending on on the number of successful appeals. The new certified property tax rate will not be official until county commission adopts it. Should be the end of June.

This reappraisal will see our property values increase more than we've ever seen. Also, this reappraisal will see our property tax rate drop the most it's ever dropped.    

  • The old property tax rate was $1.8035 per $100 of assessed value of your property.
  • The new rate will be close to $1.5166 per $100 of assessed value of your property.

The big question is, will I have to pay more taxes. Here's how you can tell.

Most property owners recently received a notice from property assessor, Mike Campbell, titled "Assessment Change Notice". This notice shows you your previous appraisal and assessment. It also shows you your new appraisal and assessment. 

To calculate your old and new taxes, multiply your old assessment amount by the old property tax rate of $1.8035, or round down to $1.80 for simplicity. To be exact, put the decimal point and zero in front of the tax rate. Be sure you use the assessment amount, not the appraised amount.

Then do the same thing with your new assessment. Multiplied by the new property tax rate of $1.5166 or round up to $1.52 for simplicity.  To be exact, put the decimal point and zero in front of the tax rate. Be sure you use the assessment amount, not the appraised amount.

Below, for an example, is the change to my property.

Old Assessment    $55,975.00   New Assessment    $69,725.00
Old Tax Rate    x            .0180   New Rate    x           .0152
Taxes Owed    $1,007.55   Taxes Owed    $1,059.82

 

Old Appraised Value $223,900.00   New Appraised Value $278,900.00  Up $55,000.00
           
Assessment Rate 25% $55,975.00   Assessment Rate 25% $69,725.00 Up $13,750.00
           
Property Taxes Paid  $1,007.55   Property Taxes Will Be  $1,059.82 Up $52.27
Old Property Tax Rate $1.80   New Property Tax Rate  $1.52  

So, my home property value went up $55,000.00 and my taxes will go up $52.27. The increase in taxes I owe is clearly not a result of higher property taxes but from my property values increasing over the last four years. Everyone would rather their property values increase rather than decrease over time I'm sure.

Hopefully, no local officials will be wanting to raise property taxes on their constituents. I'll sure let you know if they do.   

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5/17/21