Calculating property taxes in Shelby County (Memphis: assessor, assessment, appraise)

[mich2fla]

Hello residents of Shelby County-

We are trying to figure out the property taxes in Shelby County Tennessee. Hope you can explain it to us in better details. I got the info below from this website: http://www.shelbycountytrustee.com/FAQs.asp#GeneralInformation4 (broken link)

How do I calculate my taxes?
To calculate the amount of your taxes multiply the assessed value of your property (divided by 100) times the tax rate. The current tax rate in Shelby County is $4.04 per $100 of assessed value (Inside Memphis) and $4.09 per $100 of assessed value (Outside Memphis).

Using a $25,000 assessment as an example:

$25,000/100=250

then multiply $4.04 or $4.09 by 250.

$4.04 $4.09
x 250 OR x 250
$1010.00 $1022.50
(inside Memphis) (outside Memphis)

The assessed value of property is a percentage of the appraised value. The percentage used is based on the property's classification:

Residential = 25%

Commercial = 40%

Industrial = 40%

Personalty = 30%

Farm = 25%

Contact the Shelby County Assessor for any questions on property classification.

I'm confused about the 25% Residential line (bolded). Can you give me an example on how to calculate the taxes? It will be our primary residence.

Many thanks!

[Bones]

Residential = 25% ---> Would be of the assessed value.

Assessed value $160,000 x 25% = $40,000
Assessed value $100,000 x 25% = $25,000

[mich2fla]

Bones - thanks for the quick reply!