For reference, a "cheat sheet" is available: How to Compute Your Tax Bill
Also, all tax rates and factors can be downloaded: Tax Rates

Using a hypothetical example property, here are some items from the property tax bill:

  1. 100% Appraised Value = $100,000
  2. Effective tax rate = 56.896453
  3. Non-Business Credit Factor = .087869
  4. Owner Occupancy Credit Factor = .021967

  1. Determine the Taxable Value of the property (also shown on the tax bill)
    Formula: (100% Appraised Value) x 35% = Taxable Value
    Example: $100,000 x .35 = $35,000
  2. Calculate the Sub Total tax due
    NOTE: Your tax bill will show an extra step for Gross Real Estate tax and the Tax Reduction that is not necessary for the calculation. It is shown on the tax bill for information only.
    Formula: (Taxable Value) x (Effective Tax Rate) / 1,000 = Sub Total tax
    Example: $35,000 x 56.896453 / 1,000 = $1,991.38
  3. Calculate the Non-Business Credit
    Formula: (Sub Total) x (Non-Business Credit Factor) = Non-Business Credit
    Example: $1,991.38 x .087869 = $174.98
  4. If the property is “owner-occupied” there may be an additional Owner Occupancy Credit on the home and 1 acre.
    Formula: (Sub Total) x (Owner Occupancy Credit Factor) = Owner Occupancy Credit
    Example: $1,991.38 x .021967 = $43.74
  5. Reduce Sub Total by credits
    Formula:
    (Sub Total) – (Non-Business Credit) – (Owner Occupancy Credit) = Net Current Taxes
    Example:
    $1,991.38 - $174.98 - $43.74 = $1,772.66
  6. Full Year Due = $1,772.66
  7. Half Year Due = $886.33

This is only an example. There may be other charges and/or credits on a specific property tax bill, such as Special Assessments, the Homestead Reduction, delinquencies, and so on. For any questions please call Auditor Kovack’s office.