How to Read and Understand Your Property Tax Bill

 

1. BILL NO .: Providing your bill number will help to quickly locate your account information. 8. MILLAGE RATE : A figure applied to the taxable value of your property to calculate your property tax liability. This rate is set by each levying authority.
2. DUE DATE : The last day to pay or postmark your payment without additional fees being applied 9. PENALTY/INTEREST/OTHER FEES/ PREVIOUS PAYMENTS/ BACK TAXES: any uncollected delinquent amounts and/or payments already received.
3. TOTAL DUE : The current year and any unpaid mounts for previous years. 10. EXEMPTIONS: Indicates the value of the property that is exempt from taxation for each taxing authority.
4. LOCATION : The physical address of the property. 11. NET ASSESSMENT: This is 40% of the fair market value.
5. TAX PAYER : The owner of the property as it appears on the recorded deed. 12. FAIR MARKET VALUE: The approximate price the property would sell for on the open market.
6. MAP CODE : A unique identifier assigned to each tract of land by the Tax Assessors Office 13. TAXPAYER MAILING ADDRESS: Please verify your mailing address is correct and notify us in writing if changes are necessary.
7. EXEMPTIONS : Indicates if the owner has applied, and is qualified for, any reduction in property taxes.