Certification of Values
Detailed Certified Values For Each County
Every year, the Property Assessment Division provides the total taxable value of property to each taxing jurisdiction by the first Monday in August. The certified values include all classes of property within the boundaries of a taxing jurisdiction. These values are very important because the jurisdictions use them to calculate the amount of mills they can levy.
The formula for calculating mills involves increasing the prior year’s budget by one-half of the inflation from the previous three years. This is the new budget used to calculate the amount of mills. In order to find the number of mills needed, the new budget is divided by the current year’s certified taxable value and the result is multiplied by 1,000. If, for example, the prior year’s budget for a jurisdiction was $1 million, the previous three year’s inflation was 2% and the current year’s taxable value was $2 million, the calculation without newly taxable would be:
( ( 1,000,000 * ( 1 + ( .5 * .02 ) ) ) / 2,000,000 ) * 1,000 = 505 Maximum Mills
When we insert the newly taxable value into the formula, it will be subtracted from the current year’s taxable value. If the $2 million of taxable value included $100,000 of newly taxable value, the new maximum amount of mills would be:
( ( 1,000,000 * ( 1 + ( .5 * .02 ) ) ) / ( 2,000,000 – 100,000) ) * 1,000 = 531 Maximum Mills
The jurisdiction is now allowed to levy a maximum of 531 mills against the property within its boundaries.
The amount of annual taxes paid on property is equal to the taxable value of the property multiplied by the cumulative mills from all taxing jurisdictions in which the property resides.
Property Tax = Taxable Value x Jurisdiction Millage Rates