What is Real Property?
Real Property is typically land and all permanent structures affixed to it. This includes any mechanical or other features within the structure with a designed use for the safety and comfort of the occupants and all permanent land improvements.
How do I calculate Real Estate property taxes?
- Multiply the appraised value by the assessment rate of the property to get the assessed value
- Example: RR/RU Appraised value of $159,000
- $159,000 x .115 = $18,285 (Assessed Value)
- Multiply the assessed value by the “mill levy”
- Example: $18,285 x .146919 = $2,686.41 (Tax Value)
- The first $20,000 in appraised value of a residential property is exempt from the 20 mil statewide portion of the mill levy. This includes RR/RU FR/FU and personal property manufactured/mobile homes.
- Example: $20,000 x .115 = 2,300 x 20 mills / 1,000 = $46.00 (reduction amount)
- If the appraised value is less than $20,000, use the appraised value and follow the same procedures as shown above.
|RR/RU||Real Property used for residential purposes including apartments, condominiums and mobile homes
|FR/FU||Residents on farm homesites; agricultural land is included along with the homestead
|AR/AU||Land devoted to agricultural use
|AR/AU||Improvements on land devoted to agricultural use; does not include a homesite
|NR/NU||Real property owned and operated by not-for-profit organizations
|CR/CU||Real property used for commercial and industrial purposes
||Other rural and urban real property not meeting requirements to be classified as residential, commercial, agricultural or exempt
|UL/UU||Locally assessed public utility (specific use)