Property Tax Rates Property Taxes.

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Presentation transcript:

Property Tax Rates Property Taxes

Property tax rates in hypothetical community Local Government Unit Tax Rate (%) School district 1.20 City government 0.30 County government 0.20 Library district 0.05 Community college district 0.08 Other local government units 0.03 Total 1.86

Key relationships

Revenue goals

Example of Tax Rates Market value of property: $10 Billion Statutory rate: 1% Assessment ratio: 50%

Classified tax structures Differences Statutory rates Assessment ratios Types of property Residential Commercial Industrial Agricultural

Separate land and improvements