How are personal property taxes calculated?
The appraised value of the property is multiplied by the assessment rate (determined by the personal property subclass) for the assessed value. The assessed value is then multiplied by the mill levy (tax rate) for the tax unit where the property was located as of the assessment date (January 1). That figure is divided by 1,000 for the full year property tax amount. Example: To calculate the property tax on personal property with an appraised value of $5,000: Appraised Value 5,000 x Assessment Rate *30% = Assessed Value 1,500 x Mill Levy 126.635 / 1000 = Property Tax $189.95. * 30% is the assessment rate for property in the “motor vehicle” or “other” subclass of personal property. ** 126.635 is the 2001 Manhattan city mill levy. Contact the county clerk in the county where the property is located for the correct mill levy to use.
Related Questions
- What happens if, under the new formula, the calculated local share is LESS than the district is currently raising through school property taxes?
- What happens if, under the new formula, the calculated local share is MORE than the district is currently raising through school property taxes?
- How are property taxes calculated in Ontario?
