The easiest formula is [Number of mills x $35.00] per $100,000 of valuation.

7.9 mills x $35.00 = $276.50 per $100,000 of market value.

                                                                                                       Minimum

Market Vale         Annual Property Tax Increase      Income Needed for HAT

$200,000                 $553.00  ($276.50 x 2)                        $1,843.00 ($553/.3)

$300,000                 $829.50  ($276.50 x 3)                      $2,765.00 ($829.50 /.3)

$400,000                $1,106.00 ($276.50 x 4)                      $3,686.00 ($1,106 / .3)

$500,000                $1,382.50  ($276.50 x 5)                   $4,608.00 ($1,382.50 /.3)

The 4.09% is not a tax rate, but rather the product of dividing the annual taxes paid by the market value of the property.  A home with a market value of $100,000 would pay $4,090.00 annually in property taxes. ($100,000 x .0409 [4.09% / 100])  [UNREAL! One of the highest in the State]

To double check the math:  $4,090.00 / $100,000 = 4.09%
By the way, the new percentage if the levy passes is 4.366% ($4,090 + $276 = $4,366 / $100,000)

For example, if their personal HAT % is 20% then their answer for a $200,000 home would be $2,765.00 ($553.00 / .20) in additional annual income – compared to the $1,843.00 for 30%.

Since we do not know everyone’s HAT %, we use the 30% factor as a guideline.  In reality, if they are currently at 20% HAT then any income less than $2,765.00 moves them gradually toward the 30% ceiling.

The point is that the ever increasing property taxes slowly but surely moves everyone closer to the 30% threshold unless there is a corresponding increase in income.  That is the deception played by the political sub-divisions when they say it is only $xx extra per month.