What Determines Your Tax Bill?

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Residential Real Estate Tax Calculation Formula

The current statewide assessment rate for residential real estate property is 19%. To determine how much you owe, perform the following two-part calculation:

  1. Estimated Market Value of the Property X Assessment Rate (19%) = Estimated Assessed Value
  2. Estimated Assessed Value / 100 Total Tax Rate = Estimated Tax Bill

Here’s an example of how this formula works –

To calculate taxes owed on a $100,000 home at a 6.5694 total tax rate per $100 of assessed valuation:

  1. 100,000 X .19 (19%) = $19,000
  2. 19,000 100 X 6.5694 = $1,248.19 owed in taxes


Personal Property Tax Calculation Formula

The current statewide assessment rate for personal property is 33 1/3 %. To determine how much you owe, perform the following two-part calculation:

  1. Estimated Market Value of the Property X Assessment Rate (33 1/3%) = Estimated Assessed Value
  2. Estimated Assessed Value / 100 X Total Tax Rate = Estimated Tax Bill

Here’s an example of how this formula works –

To calculate taxes owed on a $100,000 vehicle at a 6.5694 total tax rate per $100 of assessed valuation:

  1. 100,000 X .333333 (33 1/3%) = $33,333
  2. 33,333 100 6.5694 = $2,189.58 owed in taxes.


Commercial Real Estate Tax Calculation Formula

The current statewide assessment rate for commercial real estate property is 32%. To determine how much you owe, perform the following two-part calculation:

1. Estimated Market Value of the Property X Assessment Rate (32%) = Estimated Assessed Value

2. Estimated Assessed Value / 100 Total Tax Rate = Estimated Tax Bill

Here’s an example of how this formula works –

To calculate taxes owed on a $100,000 commercial property at 6.5694 total tax rate plus Commercial sur tax of 0.53 for a total tax rate of 7.0994 per $100 of assessed valuation:

  1. 100,000 X .32 (32%) = $32,000
  2. 32,000 / 100 X 7.0994 = $2,271.80 owed in taxes


Questions?

For questions about assessments and assessed value, please contact the Assessor at 636-949-7425 or by email.

For questions about tax bills or for an estimate, please contact the Collector of Revenue at 636-949-7470 or by email.

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