How Are Property Taxes determined?
Property owners pay taxes each year. It includes taxes for several government units (listed in table below). Each unit of government determines its own tax rate depending on its needs.
Property tax rates are assessed through a tax levy. Selected tax levy rates will go to fund the next year’s budget. For example, the 2015 tax levy rate funds the 2016 Budget.
The tax rates are finalized by the County Clerks’ office in December 2015, based on certification of assessed valuation after property valuations appeals are resolved.
To calculate your estimated property tax bill, you need to know the appraised value of your property. You can find this out online from the Jackson Co. Appraiser’s Office.
The appraised value is then multiplied by 19% for residential property, or 32% for commercial/industrial property, to determine the assessed property value. Therefore, a house appraised at $200,000 would have an assessed value of $38,000 ($200,000 X 19%).
The assessed value is then divided by 100 and then multiplied by the tax levy.
The City’s portion of the property tax on this house would be $657.17 ($38,000/100 X 1.7294).
The total property tax for this home would be $3,571.05.
Too complicated? Use the property tax calculator:
Property Tax Calculator 1-2-3
- Select the type of Property Tax you wish to calculate Residential/Commercial
- Enter the Property Value
- Click the Calculate button to view the total Property Tax
Property Tax Rates
Property Tax per $100 assessed valuation: