Property taxes are generally
charged in relation to the assessed value of the property. Taxable
value is the assessed value of property minus the amount of any tax
exemptions. The tax due is calculated by multiplying the taxable value
by the tax rate. The tax rate -- stated in mills -- is set by the
taxing authority for the governmental unit within which the property
is located. A mill is one dollar per thousand dollars. For example,
a tax rate of eight mills is a tax of eight dollars for each one thousand
dollars of taxable value of the property. According to the American
Housing Survey data the median annual taxes per $1,000 value averages
$12. Allie Mae can assist you in calculating
you tax rate.
The proposed tax bill is
mailed to the taxpayer, usually in August or September. If you don't
agree with the tax assessment you may file an appeal against this
notice with the appropriate assessment appeals board. The actual tax
bill is mailed to the taxpayer, usually by November 1. There are discounts
for early payment and penalties for delinquency.
Special tax incentives are
available on property that meets certain criteria.
Every person who has legal or equitable title to real property and
who resides on the property is eligible for a homestead exemption.
Homeowners who have made improvements to properties used exclusively
for residential purposes may qualify for the homestead improvement
Platted and Subdivided
Land. In counties with less tan two million inhabitants,
the improvement of certain platted and subdivided land may qualify
for a preferential assessment.
For example, when a solar energy system has been installed as an improvement
on any real property, the owner may claim an alternate assessment.
Other possible exemptions
Disabled Veterans Homestead
Senior Citizen Homestead Exemption
Special Incentives for Historic Property
Widow's and Widower's Exemption
Prepayment of Property
Taxes. Discounts are available to taxpayers who want to prepay
property taxes on the installment plan.
You may elect to defer payment of part of the ad-valorem (property)
taxes. For additional information as to the number of years, total
amounts that may be deferred, and interest on deferred taxes, contact
the local tax collector.
Please refer to your local
taxing authority for detailed information concerning eligibility and
the necessary documents and forms required to apply for tax exemptions.