1. Determine the assessed value
Formula: (Appraised Value) x 35% = Assessed Value
Example: \$100,000 x .35 = \$35,000
2. Example: \$100,000 x .35 = \$35,000
Divide (Assessed Value) in half to Calculate Half-Year Tax Bill Amount.
Formula: (Appraised Value) / 2 = Assessed Value (For Half-Year Tax Bill Calculation)
Example: \$35,000 / 2 = \$17,500
3. Calculate the gross tax
Formula: (Assessed Value x (Full Rate) = Gross Tax (for Half-Year) / 1,000
Example: \$17,500 x 96.15 / 1,000 = \$1,682.63
4. Calculate the reduction factor credit amount
Formula: (Gross Tax) x (Reduction Factor) = Credit
Example: \$1,682.63 x .392630 = \$660.65
5. Reduce the gross tax by the reduction factor credit amount
Formula: (Gross Tax) - (Reduction Factor Credit) = Adjusted Tax
Example: \$1,682.63 - \$660.65 = \$1,021.98
6. Calculate the rollback credit amount
Formula: (Adjusted Tax) x (Rollback) = 10% Rollback Reduction
Example: \$1,021.98 x .10 = \$102.20
7. For Owner-Occupied Residential Properties, there is an additional 2.5% Rollback.
Formula: (Adjusted Tax) x (Rollback) = 2.5% Rollback Reduction
Example: \$1,021.98 x .025 = \$25.55
8. Reduce Adjusted Tax by Total Rollback for Half-Year Tax Amount.
Formula:
(10% Rollback) + (2.5% Rollback) = Total Rollback Reduction
(Adjusted Tax Amount) - (Total Rollback Reduction) = Total Half-Year Tax Amount.
Example:
\$102.20 + \$25.55 = \$127.75
\$1,021.98 - \$127.75 = \$894.23
Half Year Tax Amount: \$894.23 (Billed Semi-Annually)
Full Year Tax Amount: \$1,788.46