GV Property Tax Final
In depth information regarding how much property tax is collected and where it is distrubuted.
In depth information regarding how much property tax is collected and where it is distrubuted.
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Schools and Libraries<br />
Breaking Down The <strong>Tax</strong><br />
Actual Vs. Assessed Value<br />
The actual value of property is not the taxable value. The taxable value is a percentage of<br />
the actual value. The percentage is called an assessment rate and the resulting value is<br />
called the assessed value. <strong>Property</strong> taxes are calculated by multiplying the actual value<br />
of the property by the assessment rate and then by the total mill levy. The residential<br />
assessment rate is currently 7.15 percent. The assessment rate for all other property,<br />
including vacant land, is 29 percent.<br />
Actual Value x Residential Assessment Rate x Mill Levy = <strong>Tax</strong>es<br />
$500,000 x 7.15% x 0.082596 = $2,952.81
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