FREQUENTLY ASKED QUESTION BY HOMEOWNERS:
Why do I pay double the taxes as my neighbor, but "our
houses are identical to each other?"
ANSWER:
Although both homes appear to be equal in size and construction,
looks can be very deceiving.
One home had a tax liability of $203.30, and the other home's tax
liability was $94.87 for the
tax year 1999.
Comparison of the two homes revealed one to be 300 square feet more
in size than the other.
Example
1:
The homeowner in this example supplied the Assessor's Office
with the following basic information:
2,400 Square Feet Living Area
29 Years of Age
4 Bedrooms
2 Bathrooms
The home and lot's estimated Fair Market Value (FMV) is $90,000
and the tax liability would be $1,219.77
|
Example
2:
The homeowner in this example supplied the Assessor's Office
with the following basic information:
2,100 Square Feet Living Area
33 Years of Age
3 Bedrooms
2 Bathrooms
The home and lot's estimated Fair Market Value (FMV) is $82,000
and the tax liability would be $1,111.35
|
| The difference in size of the above two homes is
300 square feet and the difference in Fair Market Value is $8,000.
The Tax Liability is calculated as follows: |
| Example 1:
$90,000 Fair Market Value
-75,000 Homestead Exemption
$15,000 Taxable Value
x .013553 Millage
$203.30 Taxes Due
|
Example 2:
$82,000 Fair Market Value
-75,000 Homestead Exemption
$7,000 Taxable Value
x .013553 Millage
$94.87 Taxes Due
|
One cannot compare value to taxes.
As can be seen here, a relatively small increase in value constitutes
a large difference in tax liability. |
|
