What is a Mill Levy?
The mill levy is a composite of several entities' tax levying powers. The mill levy is determined each year by dividing the total amount of dollars needed by each political subdivision (county, cities, townships, schools, etc.) from the property tax by the total taxable value of the city of Minot. This, in effect, ends up being the percentage of taxable value that is levied or assessed in property tax annually.
What is Taxable Value?
Taxable value is a percentage of the assessor's appraisal(true and full value) according to a state-prescribed formula, after any exemptions are removed.
An assessment ratio of 50% is multiplied by the true and full value this equals the assessed value.
Then, the assessed value is multiplied by 9% for residential and 10% for all other property classes this equals the taxable value.
The taxable value of residential property is 4.5% of the true and full value; for commercial and agricultural property, it is 5% of the true and full value.
To calculate annual taxes for a property, the taxable value is multiplied by the mill levy.
Here is how you can determine how much your property taxes will be:
|Market Value X Taxable Ratio =
|Taxable Value X 2006 Mill Rate**=
|Property Tax Bill
The market value of the property is the Appraised Value(True and Full value).
The Taxable Ratio is set by State Law.
The current Mill Rate is 441.74.
For example, we'll take a look at a property valued at $100,000
|$100,000 X 4.5% =$4,500
|$4,500 X 441.74=$1,987,830(move decimal point)=$1,987.83
This information is for reference only and should not be taken to be the exact values.
For more detailed information, please contact the Tax Equalization office at 8576430.
**When using the Mill Rate as a multiplier, it requires moving the decimal point.
The decimal point is moved three places to the left.