Joe Miller and Brian Massie discuss the basics of property taxes.
How much is a mil?
1 mil = $.001
10 mils = $.01 [.001 x 10]
.01 cent is = 1% of $1
Inside millage is not voted on by the taxpayers, and the maximum property taxes collected through inside millage is 10 mil, or 1% of the assessed property value.
Assessed value = Appraised Value x 35%
Outside millage must have voter approval to be collected.
“Continuous” levies are collected FOREVER, and the taxing authority never has to be accountable to the voters.
“CPT” levies are an acronym for “Continuing Period of Time”, and like the “Continuous” levies are FOREVER.
How much does 1 mil cost a taxpayer?
Easiest Calculation: $35.00 per mil for every $100,000 of appraised value.
5 mill levy will cost $175.00 per year for every $100,000 of appraised value.
[5 x $35.00]