The valuation of your property is determined by analyzing sales information of similar homes in your area.
Based on that analysis, your property receives an assessed valuation of 10% of its estimated property value. For example, an estimated property value of $100,000 would calculate to an assessed value of $10,000.
Taxable property is divided into two classes. Real property includes land and all buildings, structures, improvement to the land, and mobile homes. Personal property includes machinery and equipment, fixtures, furniture, and other items that are movable in nature and utilized in a business.
Household goods, vehicles licensed to operate on public highways, and personal effects are exempt from property taxation.
Mobile homes are taxable only on private property. If a mobile home is in a mobile home park, then it is not subject to ad valorem taxes.
Tax Rates Explained
Tax rates are based on millages, bond issues, and fees that have been voted by registered voters in the various districts which have been established by the Legislature or Constitution.
The tax monies collected for the district go to pay for schools, roads, law enforcement, fire protection, and other services that the taxpayers demand and desire from local government.
To calculate the taxes on your property, you must take the assessed value, which is a percentage of "fair market value", and multiply it by the appropriate tax or millage rate to arrive at the amount due.
If, as an example you have $1000 of taxable assessed value and the tax rate is 120 mills, you would pay $1000 x .120 = $120 in taxes. If your home is valued at $100,000 and you are eligible and have signed for homestead exemption, you would calculate your taxes as follows: