To calculate taxes on your property, simply multiply the assessed value ( a percentage of the fair market value) by the applicable millage rate. Millage rates are established by the various taxing jurisdictions levying property taxes; one mill is equal to one tenth of one percent (.001).

A property’s value can change for many reasons. The most obvious reason is the property itself changes. A new addition such as a bedroom or garage may be added or part of the property may suffer damage from a flood or fire.

The most frequent cause of a change in a property’s value occurs because of a change in the marketplace. Major industries may shutdown causing property values to decline. Young homebuyers may discover a decaying neighborhood with good housing stock, values may rise gradually, and then possibly skyrocket if the neighborhood becomes a desirable location. In these cases, the Assessor has not created the increase or decrease in property values, the market has. The Assessor simply has the legal responsibility to monitor the market and appraise your property accordingly.