Property taxes are calculated by computing the taxable (or assessed) value of the property. To do this, the market value of the property is multiplied by 35%.
Next the appropriate tax rate is applied. Class I (residential and agricultural) properties have a different tax rate than Class II (commercial and industrial) properties.
Below is a sample calculation of a residential property with a market value of $100,000.
*In the illustration above, the effective tax rate is expressed as a decimal (1 mill = .001)