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Understanding Property Tax

Calculating Property Tax

In its simplest form, the yearly tax due for each property mainly depends on:

• Local budget and tax calculations
• Value and use (classification) of the property
• Tax credits or programs that may reduce the tax due
• Additional school or state property taxes that apply to certain properties

The full calculation can be complex. This overview explains the broad calculations and formulas. Contact your county assessor if you have questions specific to your property.

Local Tax and Calculations

Local and county officials calculate how much money they need to raise from property taxes and their resulting local tax rate.

Step 1: Towns, cities, schools, and counties calculate how much property tax revenue is needed, known as the Local Tax Levy:

Total Proposed Local Budget - Non-Property Tax Revenue = Local Tax Levy

Step 2: The levy is spread among all taxable properties according to their Tax Capacity:

Taxable Market Value X Classification Rate = Tax Capacity

Step 3: The levy and total tax capacity (for all properties) are used to calculate the Local Tax Rate:

Local Tax Levy / Total Tax Capacity = Local Tax Rate

Step 4: For each property, the county auditor determines if any tax credits or additional taxes apply:

• Property Tax Credits (for certain types of properties or programs)
• Referendum Levies (additional school levies approved by voters)
• State General Tax (additional state levy on certain types of property)

Property Tax Formula

The county auditor determines the tax due for each property using this basic formula:

1. Taxable Market Value X Class Rate = Tax Capacity
2. Tax Capacity X Local Tax Rates = Base Tax
3. Base Tax - Credits + Referendum Levy and State General Tax = Property Tax Due

Property tax is administered by counties. If you have questions about valuation, classification, or about your specific properties tax, contact your county assessor.

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2023 Budget6 documents

• 2023 Budget
  document date 09-19-2023
• 2023-2027 CIP
  document date none
• Recreation, Special Revenue, and Economic Development Funds
  document date none
• Utility Fund Overview: Water, Sewer, Solid Waste, Recycling, Stormwater & Hotel
  document date none
• Tax Levy Supported Funds Including General Fund, Port Authority, and Debt Service
  document date none
• Tax History & Distribution, Relevant Strategic Plans, and Proposed 2023 Tax Levy Budget Information
  document date none

2022 Budget7 documents

• 2022 Budget
  document date none
• 2022 Truth in Taxation
  document date none
• 2022-2026 CIP
  document date none
• Recreation, Special Revenue, and Economic Development Funds
  document date none
• Utility Fund Overview: Water, Sewer, Solid Waste, Recycling, Stormwater & Hotel
  document date none
• Tax Levy Supported Funds Including General Fund, Port Authority, and Debt Service
  document date none
• Tax History & Distribution, Relevant Strategic Plans, and Proposed 2022 Tax Levy Budget Information
  document date none

2021 Budget7 documents

• 2021 Budget
  document date none
• Final 2021 Budget and 2021-2025 CIP PowerPoint Presentation
  document date none
• 2021-2025 CIP
  document date none
• Recreation, Special Revenue, & Economic Development
  document date none
• Utility Fund Overview - Water, Sewer, Solid Waste, Recycling, & Stormwater
  document date none
• Tax Levy Supported Funds Including General Fund, Port Authority, and Debt Service
  document date none
• Tax History & Distribution, Relevant Strategic Plans, and Proposed 2021 Tax Levy Budget Information
  document date none

2020 Budget2 documents

• 2020 PowerPoint Presentation
  document date none
• 2020 Proposed Budget
  document date none

2019 Budget4 documents

• 2019 Proposed Budget
  document date none
• 2019 PowerPoint Presentation-10/1/18
  document date none
• 2019 PowerPoint Presentation-9/17/18
  document date none
• 2019 PowerPoint Presentation
  document date none

2018 Budget21 documents

• Informational
  document date none
• General Fund
  document date none
• Water Utility Fund
  document date none
• Wastewater Utility Collections Fund
  document date none
• Solid Waste Utility Fund
  document date none
• Recycling Fund
  document date none
• Storm Water Utility Fund
  document date none
• Debt Service Funds
  document date none
• Community Development Block Grant Fund
  document date none
• Local Option Sales Tax Fund
  document date none
• Capital Facilities & Equipment Fund
  document date none
• Construction Fund
  document date none
• Port Authority Funds
  document date none
• Library Endowment
  document date none
• Gambling Fund
  document date none
• Caswell Sports Fund
  document date none
• Public Access Funds
  document date none
• Five-Year Capital Improvement Plan
  document date none
• 2018 Budget Powerpoint
  document date none
• 2018 Budget Infographic
  document date none
• Citizen's Guide to the Budget
  document date none

2017 Budget19 documents

• Informational
  document date none
• General Fund
  document date none
• Water Utility Fund
  document date none
• Wastewater Utility Fund
  document date none
• Solid Waste Utility Fund
  document date none
• Recycling Utility Fund
  document date none
• Storm Water Utility Fund
  document date none
• Debt Service Funds
  document date none
• Community Development Block
  document date none
• Local Option Sales Tax Fund
  document date none
• Capital Facilities and Equipment Fund
  document date none
• Construction Funds
  document date none
• Port Authority Joint Economic Development
  document date none
• Port Authority Revolving Loan Funds
  document date none
• Port Authority Tax Increment Funds
  document date none
• Public Access Funds
  document date none
• Library Endowment
  document date none
• Gambling Funds
  document date none
• Five-Year Capital Improvement Plan
  document date none

2016 Budget19 documents

• Informational
  document date none
• General Fund
  document date none
• Water Utility Fund
  document date none
• Wastewater Utility Collections Fund
  document date none
• Solid Waste Utility Fund
  document date none
• Recycling Utility Fund
  document date none
• Storm Water Utility Fund
  document date none
• Debt Service Funds
  document date none
• Community Development Block
  document date none
• Local Option Sales Tax Fund
  document date none
• Capital Facilities and Equipment Fund
  document date none
• Construction Funds
  document date none
• Port Authority General Fund
  document date none
• Port Authority Joint Economic Development
  document date none
• Port Authority Revolving Loan Funds
  document date none
• Port Authority Tax Increment Funds
  document date none
• Public Access Funds
  document date none

Budget Monitoring Reports2 documents

• August 2016
  document date none
• July 2016
  document date none

2015 Budget13 documents

• 2015 Budget
  document date none
• 2015-2019 Capital Improvement Schedule
  document date none

Budget Monitoring Reports11 documents

• November 2015
  document date none
• October 2015
  document date none
• September 2015
  document date none
• August 2015
  document date none
• July 2015
  document date none
• June 2015
  document date none
• May 2015
  document date none
• April 2015
  document date none
• March 2015
  document date none
• February 2015
  document date none
• January 2015
  document date none

2014 Budget9 documents

• 2014 Proposed Budget (pdf)
  document date none
• 2014-2018 Proposed Capital Improvement Schedule
  document date none

Budget Monitoring Reports7 documents

• November 2014
  document date none
• October 2014
  document date none
• September 2014
  document date none
• August 2014
  document date none
• July 2014
  document date none
• June 2014
  document date none
• May 2014
  document date none