How does the appraised value affect taxes?
A. Residential property that is the owner’s primary residence is assessed at 4 percent of its appraised value, providing proper application has been made. All other residential and commercial property is assessed at 6 percent. Industrial property, which is appraised by the Department of Revenue, is assessed at 10.5 percent. To figure taxes on a property, the appraised value is multiplied by the assessment ratio to arrive at the assessed value. The assessed value is then multiplied by the millage rate to arrive at the amount of taxes. One mill equals 1/1000 of a dollar or 1/10 of a cent.
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