[clamboy]

Why?

When?

How Much?

Thanks
C

[skytrekker]

I have no head for accounting CB

However my Townhouse was upped on the assessment from 55K to 72K
With a market value of 180K- this was compared to a year ago.
Mill rate 32.10- Total tax due for the year $2,370- it went up $320.

The realtor's here have more knowledge then me- hopefully they can help- I am math challenged.

[JayCT]

I will try. The mill rate is the amount of taxes charged by a town per one thousand dollars of value on property and vehilces. This is how a town collects the revenue it needs each year to run the community. Usually, but not always, those services include education, police, fire, road and public property maintenance and other services that can vary from town to twon.

The taxes charged for a home or vehilce are based on the "assessed" value of the property. The assessed value is usually 70% of the market value at the time when the town assesses all properties. The assessment used to be made every 10 years, but now can be done every five years. Each town does this independently so it depends on the town when it will be done again.

Once the values of all properties in the town has been determined, the town then determines the mill rate by dividing the amount they need to run the town by the assessed value of all properties. This sets a mill rate that will be used to tax properties and that mill rate gets adjusted each year to account for the increase in taxes needed to run the town. It sounds more complicated than it really is, but if you think about it, it does make sense.

I hope that helps, Jay

[clamboy]

Perfect...thanks guys.

C