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August 17, 2005
Answer to sdavick on Property Taxes
Since my own blog censored my comment for some reason, I'm posting an answer to a question asked in comments to a previous post.
sdavick, your question makes perfect sense, and I think I was actually trying to answer your second question the first time around, but I should have just looked it up and done the math instead of throwing out numbers. Here's the deal. A piece of property assessed at $100,000 will currently rate $765.25 annually in County taxes (not counting any city taxes). This is figured by $100,000 x .25 x .01 x $3.061. That last figure is the current County rate. If the rate went up $0.55, it would be $3.611. Therefore, using the same formula, $100,000 x .25 x .01 x $3.611, we get $902.75, for a difference of $137.50 (just a bit higher than I guesstimated) per year, or $11.46 per month.
Yes, $11.46 per month can impact a budget (even though it's less than one 12-pack of Sam Adams..), but another factor is that the assessor typically hits lower than current market value (given the housing boom, and all), so a piece of property market-valued at $100,000 may only assess at, say, $87,000 and that would be the starting point for the above formula. (This last part is more speculation; don't take it as gospel. Also, others may have experiences with higher-than-market assessments, but I've not heard of any.)
Hope this helps.
Education , Government | By joe lance | 03:45 PM