Property taxes are calculated using the actual value of the property, the assessment rate, and the mill levy.
- The actual value of each property is determined by the Assessor’s Office.
- For tax year 2026 residential property is projected to be assessed at 7.05% for school districts and 6.8% for all other local government. Commercial and Agricultural property is assessed at 25%. Industrial and Vacant Land are assessed at 26%.
- Mill Levies are set annually in December by taxing authorities (i.e. school districts, towns, fire, etc.).
Residential Property Tax Calculation Example:
School District Calculation:
Actual Value X School Assessment Rate X School District Mill Levy = School Property Taxes Due
Local Government Calculation:
Actual Value X Local Government Assessment Rate X Total Local Government Mill Levy = Local Government Taxes Due
Final Tax Dollar Calculation:
School Property Taxes Due + Local Government Taxes Due = Total Taxes Due
Commercial or Agricultural Property Tax Calculation Example:
Actual Value X Assessment Rate (25%) X Total Mill Levy = Property Taxes Due
Vacant Land or Industrial Property Tax Calculation Example:
Actual Value X Assessment Rate (26%) X Total Mill Levy = Property Taxes Due