Market value is the value at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.

EXAMPLE: $75,000 = Market Value

The market value is multiplied times the statutory taxable percentage (currently 3.838) to get the taxable value of the property.

$75,000 X 3.838% = $2,878.50

Market X Taxable percentage = Taxable Value

The taxable value is multiplied times the mill levy of the district.

example: $2,878.50 X .41679 = $1,199.73

A mill is a tenth of a cent, so a levy of 416.79 translates to $416.79 per $1,000 of taxable value ($1,000 X .41679 = $416.79).

If City tax rate is 88.89 mills, ie: $2878.50 X .08889 = $255.87 (city taxes) You may call the Tax Assessors office to find out the current mills.