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Notices of Value (NOV)
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.
Real Property Notices of Value are mailed on or before May 1. For more information, please click here.
Personal Property Notices of Value are mailed on or before June 15. For more information, please click here.
Note: If you have Personal Property associated with your business, please see Personal Property category on this page or click here
For more information on business and industry valuation, please download a brochure here.
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