UNDERSTANDING YOUR TAX BILL

 

    The total mills for your tax district are totaled then adjusted by a composite factor provided by the state to arrive at your effective tax rate.  The composite factor is based upon sales within your taxing district and varies throughout the county.  The effective tax rate times your assessed value, divided in half gives the adjusted gross tax figure.

 

    A 10% rollback reduction is applied to the adjusted tax figure.  You may be eligible for an additional 2-1/2% homestead tax reduction if you own and occupy your home as your principal place of residence.  A homestead exemption is also available for eligible senior citizens, disabled persons, and surviving spouses.  Application forms for the homestead reduction and homestead exemption are available through the County Auditorís office.  Please call 330-424-9515 for additional information.

 

    The adjusted gross tax, less reductions, plus any special assessments (for sidewalks, streetlights, water/sewer projects, etc.) and any charges for delinquent taxes will give the adjusted tax due.  For more information on composite factors for your taxing district or for assistance in calculating your tax statement, please call the County Treasurerís office at 330-424-9514, extension 651.

 

Property Tax Calculation Ė Example

       

Calculation Scenario:

 

 

Assume you own a home valued at $85,170

 

 

The taxing district has a full rate of 50.850 mills

 

 

The reduction factor is 0.11636

 

 

The effective tax rate is 44.93296 mills

 

 

 

 

 

Assessed Value = Appraised Value x's 35%

85,170 x 35%

29,810.00

 

 

 

Gross Yearly Tax Rate = Assessed Value x's Full Tax Rate

29,810 x .050850

1,515.84

Tax Reduction = Gross Yearly Tax x's Reduction Factor

1515.84 x 0.11636

176.38

Sub Total = Gross Yearly Tax Rate minus Tax Reduction

29,810 x .04493296

1,339.46

                     (Or Assessed Value x's Effective Rate)

 

 

10% Rollback = Sub Total x's 10%

1,339.46 x 10%

133.94

2-1/2% Rollback = Sub Total x's 2-1/2%

1,339.46 x 2-1/2%

33.48

Net Yearly Tax = Sub Total minus 10% and 2-1/2% Rollbacks

1,172.04