Thursday, 06 February 2020 16:05

Reassessment, Property Values, and Millage: How do the numbers add up?

This article features a question & answer between myself and Judy Linder, Barrett Tax Collector, regarding the 2020 millage and how it fits into the county-wide reassessment.

QUESTION (Nate)
I'm confused about the property reassessment and the millage. It looks like the millage went from 20 down to 2.5, the millage numbers were roughly divided by 10. Monroe County is switching the property valuations from 25% value up to 100%. Perhaps I'm totally lost here but one set of numbers is divided by 10 and the other multiplied by 4, it doesn't add up to me. Can you let me know what I'm missing, here?

ANSWER (Judy)
For the new millage rates, the township generated taxes that would equal as close as possible those billed in 2019:

millage comparison 2020

The totals I show are approximate and may differ slightly from what is billed due to rounding, etc. but you can see that the new mills generate the same tax as the former millage.

The value of all the properties in Barrett Township increased from $266,221,640 ($66,555,410 x 4) to $519,592,920, almost doubling.

This explains why some people will see a decrease in their Barrett Township property tax if their particular property’s value increased by less than that.


Editor's Note: 
'Millage' also applies at the school board and county levels.   

Read 1346 times Last modified on Tuesday, 16 February 2021 13:28
Nate

Disclaimer: The ideas are the personal thoughts and opinions of Nate Covington and do not necessarily reflect the position of Barrett Township or the Board of Auditors.

Email:
natecovington (at) protonmail (dot) com

Comments (2)

This comment was minimized by the moderator on the site

If my new assessed value is more than four times my old value I’ll receive a tax increase?

Jerry D
This comment was minimized by the moderator on the site

Fair question. If I understand correctly you have to take your 25% valuation and multiply by 4 to get your 100% tax valuation, THEN double. So let's say your property was valued at $25k at 25% tax valuation. Multiply by 4 to get $100k. Now the...

Fair question. If I understand correctly you have to take your 25% valuation and multiply by 4 to get your 100% tax valuation, THEN double. So let's say your property was valued at $25k at 25% tax valuation. Multiply by 4 to get $100k. Now the "doubling" factor - if your new property valuation (for tax purposes) is less than $200k, your Barrett Township property tax decreases.

Re-posting from the original article:
===

The value of all the properties in Barrett Township increased from $266,221,640 ($66,555,410 x 4) to $519,592,920, almost doubling.

This explains why some people will see a decrease in their Barrett Township property tax if their particular property’s value increased by less than that.

===

It might be easier to apply the Township numbers to yourself by dividing them by 1000. Suppose your house is worth around a quarter million, it should have been valued (for tax purposes) at $266k. It used to be valued (for tax purposes) at $66k. Now it's valued (for tax purposes) at $519k.

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Nate
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