What is a Tax Rate?
The tax rate is determined by dividing the tax levy (annual amount to be raised through taxation by the county government, schools and the municipality) by the total assessed value within the municipality. HOW ARE TAXES CALCULATED? (Assessed value ÷ 100) x Tax Rate = Amount of Taxes WILL TAXPAYERS BE INFORMED OF THEIR PROPOSED ASSESSMENT? A notice of the new assessed values for each property will be mailed in the fall of 2008. The impact of the new assessments will not affect the property owner’s tax bill until the 2009 tax year. WHAT IF A TAXPAYER IS DISSATISFIED WITH THE PROPOSED ASSESSMENT? The notice of the new 2009 assessed value will explain how to arrange for a personal informal meeting with a representative from the revaluation firm to review the proposed assessment. Taxpayers attending the review should be prepared to support any disagreement regarding the appraised value of their property. For example, recent sales of similar or comparable properties are an indication of valu
A tax rate is the percentage of your taxable income, which in a progressive system like that used in the United States, may increase or decrease with increases or decreases in taxable income. Under this system, percentage of tax taken from your income or tax rate is based on the amount you make, which is described in tax brackets. People who make very small amounts of money may have low tax rates, and those who make a significant amount of money will typically pay more in taxes, unless they find tax loopholes or shelters that allow them to invest or protect some of their money from being considered as taxable income. Tax rates are not quite that simple. In the US system for example, people’s incomes are taxed at progressive rates. This means, they pay a percentage of tax for money made within each bracket. Money made above a particular bracket is taxed at a higher rate. All your income isn’t typically all taxed at one single tax rate — money made below a tax bracket gets taxed at lower
The tax rate is determined by dividing the tax levy (annual amount to be raised through taxation by the county government, schools and the municipality) by the total assessed value within the municipality. HOW ARE TAXES CALCULATED? (Assessed value 100) x Tax Rate = Amount of Taxes WILL TAXPAYERS BE INFORMED OF THEIR PROPOSED ASSESSMENT? The notice of the new assessed values for each property will be mailed in the fall of 2008. The impact of the new assessments will not affect the property owner’s tax bill until the 2009 tax year. WHAT IF A TAXPAYER IS DISSATISFIED WITH THE PROPOSED ASSESSMENT? A notice with the new assessed value will explain how to arrange for a personal informal hearing with a representative from the tax assessor’s office to review the proposed assessment. Taxpayers attending the review should be prepared to support any disagreement regarding the appraised value of their property. For example, recent sales of similar or comparable properties are an indication of valu
