In any given county the property taxes are calculated based on the total assessed value and the cost of services required for maintaining the local amenities such as fire protection, roads, parks, snow removal, etc. <\/p>

Let\u2019s take a few examples of how the tax rate is derived.<\/p>\n

The tax rate is the cost of services divided by the total amount of assessed value. Let\u2019s say in a given county the total assessed value is Five million dollars including all the homes and the cost of service is ten thousand dollars. <\/p>\n

Then the tax rate in that county would be $0.00200. If your property assessment was done at $350,000, then your taxes for the year would be $700.<\/p>\n

Now let\u2019s say that the total property assessment values were increased to seven million dollars and the cost of assessment remains the same which is ten thousand dollars, and your property was assessed at $375,000. In this case, the tax rate would be $0.00142. Your tax for this year would be $532. <\/p>\n

This means even if your property value increases and the cost of services remain the same, your taxes will decrease.<\/p>\n

Let us take another example. If the total property assessment value for the county remains at seven million without any new houses being constructed in the county, however, the cost of services increases to fifteen thousand dollars, then the tax rate would be $0.00214. <\/p>\n

Since your property assessments also remain at $375,000, your yearly property taxes would be $802.5. <\/p>\n

This means, that when the cost of service increases and your property assessment remains the same, your property taxes will increase.<\/p>\n

Finally, let\u2019s say that there were a couple of more houses constructed in the county and the total assessment value bumped up to eight million dollars whereas the old properties were assessed at the same values, and the cost of service remains the same at fifteen thousand dollars, then the tax rate would be $0.00187. <\/p>\n

Now since the old houses were assessed at the same value, your property assessment came to $375,000 and your yearly property tax was $701.25. <\/p>\n

This means if there are new properties constructed in the area and the assessment of the hold homes remains the same along with the cost of services, you will have less property tax to be paid.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t