Calculating Assessed Value
To calculate assessed value, multiply the appraised value by one of the following state assessment rates:
| Property Type | Assessment Rate |
|---|
| Agricultural buildings | 25% |
| Agricultural land* | 30% |
| Commercial / industrial | 25% |
| Not-for-profit | 12% |
| Public utility | 33% |
| Residences on farm home sites | 11.5% |
| Residential | 11.5% |
| Vacant lots | 12% |
| All other rural and urban property | 30% |
*By law, agricultural land is not valued at fair market value, but upon its productivity and use.
If the fair market value of your individual personal property is $150,000, and the assessment rate is 11.5%, this would mean the assessed value would be $17,250 ($150,000 x 0.115 = $17,250).
Calculating Your Tax Amount
Mill levies set by taxing groups like school districts, cities, and counties are used to calculate your taxes. Let's assume the combined mill levy has been set at 120 mills. Multiply the assessed value of your property ($17,250) by the mill levy (120 mills or 0.120). The answer is $2,070, which is your tax amount.
Example
| Market value of home | $150,000 |
| Assessment rate - Residential (11.5%) | x 0.115 |
| Assessed value (AV) | $17,250 |
| Mill levy ($120 mills per $1,000 AV) | x 0.120 |
| Amount of taxes | $2,070 |