All property owners must pay annual property taxes which are divided into summer and winter payments. Property taxes pay for most public services including public safety, parks and recreation, schools and public works. The amount due for property taxes is determined by a property's taxable value. Your tax bill is the end calculation of multiplying your property’s taxable valuation by the local millage rates. Generally, the taxable value of a property is determined by the market value (the price a property would sell in the open market) and the state equalized value (the amount that the State confirms is 50% of market value)
The taxable value of a property increases either at the rate of inflation or 5%, whichever is lower. However when a property is sold, its taxable value resets to the current SEV. This process is called "uncapping." For more information on assessments, please visit our assessor's page
here.
Mills are the unit of measurement used to calculate the revenue collectable per property's assessed value. 1 mil is equal to $1 of property tax levied per $1000 of a property's assessed value.