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All taxes are computed on the taxable value. To obtain the taxable value, use the following formula.
|
Taxable Value Formula | |
|
Assessed Value |
$80,000 |
|
Taxable Value |
$55,000 |
Property Tax Formula
(Taxable Value/1000) x millage rate = property
tax
Example: $55,000/1000 = $55 x 5.2889 = $290.89
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