How Taxes are Figured

Calculating Assessed Value

To calculate assessed value, multiply the appraised value by one of the following state assessment rates:

Property TypeAssessment Rate
Agricultural buildings25%
Agricultural land*30%
Commercial / industrial25%
Public utility33%
Residences on farm home sites11.5%
Vacant lots12%
All other rural and urban property30%


If the fair market value of your individual personal property is $150,000, and the assessment rate is 11.5%, this would mean the assessed value would be $17,250 ($150,000 x 0.115 = $17,250).

Calculating Your Tax Amount

Mill levies set by taxing groups like school districts, cities, and counties are used to calculate your taxes. Let's assume the combined mill levy has been set at 120 mills. Multiply the assessed value of your property ($17,250) by the mill levy (120 mills or 0.120). The answer is $2,070, which is your tax amount.


Market value of home$150,000
Assessment rate - Residential (11.5%)x 0.115
Assessed value (AV)$17,250
Mill levy ($120 mills per $1,000 AV)x 0.120
Amount of taxes$2,070