What is a mil? Madison currently has 27 mils of property tax for schools Madison is proposing an additional 12 mils of property tax for schools How to.

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Presentation transcript:

What is a mil? Madison currently has 27 mils of property tax for schools Madison is proposing an additional 12 mils of property tax for schools How to calculate: 1 Mil=1/10 of one cent=.001 Property (or Ad Valorem) taxes are calculated by multiplying your home’s Assessed Value x Millage Rate Assessed Value = 1/10 of Appraised Value Your home is appraised at $100,000 12 additional mils of property tax costs $120.00 Example: $100,000 Home The assessed value = $10,000 12 mils of property tax = .012 $10,000 x .012= $120.00

Estimate of Homeowner’s Additional Property Tax Appraised Value 10 Mil 11 Mil 12 Mil $100K $ 100 $ 110 $ 120 $200K $ 200 $ 220 $ 240 $300k $ 300 $ 330 $ 360 $400K $ 400 $ 440 $ 480 $500K $ 500 $ 550 $ 600 $750K $ 750 $ 825 $ 900 $1,000K $ 1,000 $ 1,100 $ 1,200 *1 mil- 1/10 of a penny

What does 12 mils cost me? Daily Cost Yearly Cost Home Value $ 100,000 $ 200,000 $300,000 $ 400,000 $ 500,000 $ 1,000,000 Daily Cost $ 0.33 $0.66 $ 0.99 $1.32 $ 1.64 $ 3.29 Yearly Cost $120.00 $ 240.00 $ 360.00 $480.00 $600.00 $ 1,200.00