Who pays property taxes and how are they calculated?
All owners of real and personal property in the city pay City property taxes. Real property represents land and buildings. Personal property represents furniture, fixtures, and machinery and equipment used in the operation of a business in the city. Property taxes are calculated by multiplying the taxable value of the property by the millage rate and dividing by 1,000. This is because a mill equals $1 per $1,000 of taxable value. The taxable value is determined each year by the City Assessor. After the first year, the taxable value can only increase the rate of inflation or 5% whichever is less. The Assessed Value, which represents 50% of the true market value of the property, is not capped and is based on a sales study.Each taxing authority sets its own millage rate each year. When selling property, taxes are estimated by taking 50% of the selling price times the millage rate.
All owners of real and personal property in the City pay property taxes. Real property represents land and buildings. Personal property represents the furniture, fixtures and equipment of businesses in the City of Brighton. Property taxes are calculated by multiplying two factors, the taxable value of the property and the millage rate. The taxable value, which is determined each year by the City’s assessor, basically represents 50 percent of the true market value of the property. Each governing body that levies property taxes sets its own millage annually. A mill represents $1 per $1,000 of taxable value.
