Tax rates Flashcards
(5 cards)
1
Q
What are tax rates expressed in?
A
mills
2
Q
What is one mill?
A
0.001
3
Q
Cities, counties, and school boards are capped at no more than ___ mills each (1 cent per dollar of taxable value)
A
10 mills
4
Q
How do you calculate annual property taxes due?
A
taxable value * tax rate = annual property taxes due
5
Q
How is the tax rate calculated?
A
(approved budget - nonproperty tax revenue) % (total assessed property valuation - exemptions)
