The taxable value (assessed value) of your property is a percentage of its actual value. For 2022-2023, those percentages are as follows:
Type of Property | Assessment Rate |
Non-residential | Hotels, motels and B&Bs - 'lodging properties'
| 29%
|
Renewable Energy Production | 26.4% (returns to 29% in 2024) |
Agricultural Property | 26.4% (returns to 29% in 2024) |
Commercial, Vacant, Industry | 29% |
Oil & Gas | 87.5% |
Residential | Multi-family housing (i.e. apartments) | 6.80% (returns to 7.15% in 2024) |
All other residential property | 6.95% (returns to 7.15% in 2024) |
The State Legislature is responsible for setting these percentages.
Follow these simple steps to compute your taxes:
1. Actual Value X Assessment Percentage = Assessed Value
2. Assessed Value X Mill Levy = Estimated Taxes
For Instance: The Actual Value of your improved residential property is: $ 400,000. The residential assessment percentage is x .0695. So, your Assessed Value is: $ 27,800. The Mill Levy of your Tax Area is: x .044235. So, your estimated taxes are: $ 1,229.73.