How are real estate property taxes calculated?
The formula for calculating property taxes is as follows: The steps outlined below show how a real estate tax bill is calculated. The calculations used in the example are for a $100,000 home for tax year 1996. Full tax rates and reduction factors can be found on a tax rate sheet. Call 216-443-7420 to request a tax rate sheet. • Determine the assessed value Formula: (Appraised Value) x 35% = Assessed Value Example: $100,000 x .35 =$35,000 • Calculate the gross tax Formula: (Assessed Value) x (Full Rate) = Gross Tax 1,000 Example: $35,000 x 78.57 = $2,749.95 1,000 • Calculate the reduction factor credit amount Formula: (Gross Tax) x (Reduction Factor) = Credit Example: $2,749.95 x .338170 = $929.95 • Reduce the gross tax by the reduction factor credit amount Formula: (gross tax)-(reduction factor credit)= Adjusted tax Example: $2,749.95 – $929.95 = $1,820.00 • Calculate the rollback credit amount Formula: (adjusted tax) x (rollback) = rollback credit Example: $1,820.00 x .125 = $227.50 F
The taxes owed on Real or Personal Property are determined annually by — • Tax Assessor: valuation of the property • Board of Supervisors: millage rates • MS Department of Revenue: approval of the roll Once the role is approved, the Tax Collector sends out notices and owners have the following dates to keep in mind: • January 31st Deadline for paying property taxes without accruing interest • February 1st Interest will begin to accrue at 1% per month • August 1st Publication Fee ($3 for 1999) will be added to taxes owed (this is for advertising the lien in the local paper) • Last Monday of August Property lien will be auctioned at the Annual Sale of Delinquent Taxes View Current Property Tax information – On-Line To access this information click this link to Delta Computer Systems: http://www.deltacomputersystems.com/MS/MS30/INDEX.HTML Current Year Millage Rates To determine your Taxing District and view current year millage rates click here All You Ever Wanted to Know About Taxation
