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.
$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
Personal Property includes equipment, machinery, and other items and, more
information can be accessed
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
• 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
Personal Property Notices of Value are mailed on or before June 15.
For more information, please click
If you have Personal Property associated with your business, please see
Personal Property category on this page or
For more information on business and industry valuation, please download a