Find out what you don’t know Episode 9-Why you pay property taxes and how to calculate how much you pay!

November 22, 2021

Find out what you don’t know-Why your pay property taxes and how to calculate how much you pay.

To calculate your taxes you need to know two numbers. The first number you need to find out is The Mill rate also known as the tax rate in your municipality—the amount of tax payable per dollar of the second number you need to know, the assessed value of a property.

To find the mill rate is very easy, each municipality post the mill rates on their websites. Make sure you use the combined rate (township and county rate). If you can’t find the number online a quick call to the tax department of your municipality and they can give you the rate. As for the MPAC value of your property, you can find that on your MPAC assessment letter or calling MPAC direct. You take the Assessed value and times it with the mill rate percentage and you have your property taxes!

Government entities set mill rates based on the total value of property within the entity’s jurisdiction, to provide the necessary tax revenue to cover projected expenses in their annual budgets, including things such as infrastructure, police and emergency services, and public schools. For this reason, and also because of fluctuating real estate values, a tax assessor typically updates the taxable value of the property annually. Mill rates frequently vary for different types of property, such as residential, commercial, or industrial properties.

If a property owner believes that his property has been assessed at an unreasonably high value, he can request a reassessment from MPAC but MPAC rarly likes to admit they are wrong.





 

Written for you by:
Your local Realtor®
If you are looking to either Buy or Sell contact me at
Brad Sinclair, Sales Representative
Team Lead at The Brad Sinclair Team
Royal Heritage Realty
Solving Problems and Making Things Happen in Real Estate since 2007