A simple way to estimate the amount of your ad valorem tax is to multiply the fair cash value of your property by the 11% county assessment ratio, and then by the millage rate of your school district.
For instance, if your property is valued at $100,000, this amount is multiplied by 0.11 to get an assessed value of $11,000. The $11,000 is then multiplied by the millage rate of the school district in which you live to determine your tax. View the 2018 Tax Table through the Tax Rates link.
Millage rates are an integral part of the formula used to compute ad valorem tax. They directly affect how much you pay. The biggest factor affecting a millage rate is the passage of a bond.
It is important to note that millage rate tax increases also apply to properties owned by seniors whose property values have been "frozen," based on the owner's age and income.
One way to lower your property tax is to apply for Homestead Exemption. This exemption deducts $1,000 from the assessed value of your property and typically results in tax savings ranging from $73 to $115, based on your school district's millage rate.