The calculation of property taxes involves not only the valuation and classification associated with every property, but it is also impacted by special programs certain properties are eligible for, special assessments properties may be paying, homestead status of a property, as well as the local tax rates determined by budget decisions.
The Tax Process
After property is valued and classified every January 2, property owners are given an opportunity to appeal these determinations in the spring.
Later that year, levies (how much local governments need for their budgets) are submitted to the county.
Calculations are performed to determine net tax capacities (each property’s share of all the property taxes) and then tax rates are determined.
Taxpayers receive a notice of proposed taxes.
The following year, individual property taxes are determined, and credits are applied to reduce the tax bill. Special Assessments are added to your property.
Tax Statements are mailed and property taxes are then collected.