How are taxes calculated?
The Grand List of all property and the assessed values (70% x market value) is compiled and certified by the Town Assessor. The approved budget is then divided by the assessed value to come up with a mill rate. This mill rate is multiplied with the assessment on each property to come up with the annual tax. Example: Assessed value $150,000 Mill Rate: 22.88 Tax: $150,000 x 0.
Tax rates are based on millages or bond issues that have been voted on by registered voters in particular districts or as established by the Legislature or State Constitution. The tax monies collected for the districts must pay for schools, roads, fire protection police, law enforcement, along with other services that the taxpayers demand and desire form local government. Examples of how to calculate taxes on your property are listed below. The first example is property with a fair market value of $100,000, which means that the assessed value of this residential property would be 10% or $10,000. Let’s assume a millage rate or tax rate of 130 mills, and you are eligible and have signed for homestead exemption, your taxes would be calculated as follows: 10,000 (Assessed Value) – 7,500 (Maximum Homestead Exemption) 2,500 (Taxable Value) x .130 (130 Mills (Tax Rate) $ 325 (Total Parish Taxes Due) To calculate taxes on personal property, with a value of $40,000, taxes would be calculated as
To compute the property taxes for a parcel of property, multiply the assessed valuation by the tax rate as shown in the following example. Before AB 489 was passed in 2005, the formula below would have given you an accurate property tax amount. Due to passage of AB 489 the “tax cap” your taxes can no longer be estimated by your current assessed value. Please see below for further explanation. Taxable value X 35% = assessed value X rate = property taxes due. REAL PROPERTY Taxable Value $200,000.00 X 35% Assessed Value $70,000.00 X $.029218 Property tax due: $2,045.26 PERSONAL PROPERTY Taxable Value $10,000.00 X 35% Assessed Value $3,500.00 X $.029218 Property tax due: $102.
Items are shipped from Massachusetts. Under current internet commerce law we must charge taxes on items purchase in the same state from which they are shipped. Thus items bought from Massachusetts residents will be charged a state sales tax, currently 5% of the ordered hard good items. Taxes will not be applied to Memberships or Conference Registrations or other soft goods offered.
