Business Info
Real and personal property is taxable and is assessed at 29% of actual
value. If your commercial real estate is valued at $100,000, your assessed
value is $29,000. To calculate
your taxes, multiply the assessed value by the mill levy.
Remember that the mill levy is expressed in mills, which is 1/1000,
so multiply by the mills, but move the decimal three places to the left.
Example:
$100,000 x .29% x 83 mills = $100,000 x .29 x .083 = $2,407.00
Real property includes land, buildings, and fixtures. Fixtures are items
that are attached to the real estate, such as heating and air conditioning
units, plumbing, lighting, etc. Real property also includes
Possessory Interests.
Personal Property includes equipment, machinery, and other items and, more
information can be accessed
here.
The valuation of commercial real and personal property is determined by
using the market, income, and cost approaches.
·
Market Approach is based on an analysis of arm’s-length sales of similar
properties.
·
Cost approach is based on an estimate of the cost to replace the
property with a substitute that is equivalent in function and
utility
less accumulated depreciation.
·
Income approach is net income capitalized to account for a typical
investor’s financial return on the investment.
Notices of Value are mailed on or before May 1.
For more information, please click
here.
FORMS
Property Tax Exemption for Seniors-
Short Form
(intended for 14" paper. If printed on 11" paper, the type will be
smaller)
Long Form
(with Instructions)
For more information on business and industry valuation, please download a
brochure
here.