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Property Tax Formula

RESIDENTIAL PROPERTY TAX FORMULA

 

1.      TRUE & FULL VALUE X 50% = ASSESSED VALUE

 

2.       ASSESSED VALUE X 9% = TAXABLE VALUE

 

3.       TAXABLE VALUE X MILL RATE (IF MILL RATE IS 114.09, MOVE THE DECIMAL TO THE FRONT.  X .11409) = ESTIMATED TAXES

 

 

 

AG, COMMERCIAL, & ALL OTHER PROPERTY TAX FORMULA

 

1.      TRUE & FULL VALUE X 50% = ASSESSED VALUE

 

2.       ASSESSED VALUE X 10% = TAXABLE VALUE

 

3.       TAXABLE VALUE X MILL RATE (IF MILL RATE IS 114.09, MOVE THE DECIMAL TO THE FRONT.  X .11409) = ESTIMATED TAXES

 

 

$100,000 T&F x 50% = $50,000 Assessed Value

$50,000 x 9% = $4500 Taxable Value

$4500 x .11409 = $513.40 Estimated Taxes

 

 

      * Mill rate varies by jurisdiction.  To ensure you have the correct mill rate, you will need a parcel number or legal description.  To look up a previous year mill rate, visit www.ndpropertytax.com and search by legal description or parcel number.   

 
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