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Tax Assessor - Frequently Asked Questions


Q: HOW DO I CALCULATE MY PHASED IN ASSESSMENT AS IMPLEMENTED BY THE COMMON COUNCIL FOR THE 1999 GRAND LIST YEAR REVALUATION?

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SAMPLE

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Value
4th Dist
Mill Rate
Taxes
Change from
Prior Year
. Current Assessment . $ 100,000
47.24
$4,724
 .
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Phase-in Assessment Calculation YEAR 1
 . .
.
.
 .
1) New Full Assessed Value
$ 200,000
 .
.
.
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2) Less: Current 1983 Assessment
(100,000)
 .
.
.
 .
3) Increase in Assessment
$ 100,000
 .
.
.
 .
4) Increase to be phased in over
four years: $100,000/4=$25,000
$ 25,000
 .
.
.
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5) Add to current assessment
$100,000
 .
.
.
 .
6) Total Taxable assessed value in first year of phase in (4) + (5)
$125,000
 .
.
.
 .
7) Calculation of taxes - 1st year
.
 $ 125,000
42.91
$5364
$640
. .
.
 .
.
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YEAR 2
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 .
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8) Year 1 Assessment
$ 125,000
 .
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.
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9) Phase in assessment increment
$ 25,000
 .
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10) Taxable assessment Year 2
$ 150,000
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11) Calculation of taxes - 2nd year
.
 $150,000
36.63
$5495
$131
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YEAR 3
.
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12) Year 2 Assessment
$ 150,000
 .
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13) Phase in assessment increment
$ 25,000
 .
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14) Taxable assessment Year 3
$ 175,000
 .
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15) Calculation of taxes - 3rd year
$ 175,000
31.97
$5595
$100
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YEAR 4
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16) Year 3 Assessment
$ 175,000
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17) Phase in assessment increment
$ 25,000
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18) Taxable assessment Year 4
$ 200,000
 .
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.
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19) Calculation of taxes - 4th year
.
 $ 200,000
28.36
$5672
$77




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