Judy Acker Maly with RE/MAX Preferred: Tax Information

Judy Acker Maly
(608) 849-2861
Waunakee

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Tax Information

Every community applies its own processes for identifying mil rates and property assessments and determining property taxes. These annual decisions are typically made based on budget needs and community growth.

To determine taxes for a property, the community’s assessor has to first determine the value of the property based either on a percentage of market value or full market value. It’s important to know how your community is assessing properties.

Assessing a property is not an exact science. It’s always helpful to confirm the home’s market value by looking at recent, comparable market data. A market analysis will help substantiate a value.

Once your property’s value has been assessed, this amount is divided by 1,000 and multiplied by the mil rate. The result is the tax bill.

For example, a community assesses at 100% of market value. The subject property is valued at $250,000 in April 2007. In November 2007, the community announces that its new mil rate is 20. To calculate 2007 taxes for the property, multiply $250 x 20. The new tax bill is $5,000.

Reminder: It’s important to pay your tax bill by Dec. 31 of the current year to claim the property taxes on your income taxes for the following year. For example, to claim 2007 taxes on your 2008 income filings, you must pay your full tax bill by Dec. 31, 2007.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 01/28/2012. The listing information on this page last changed on 01/28/2012. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of METROMLS (last updated Fri 01/27/2012 1:08:24 PM EST) or SCWMLS (last updated Sat 01/28/2012 1:04:16 AM EST). Real estate listings held by brokerage firms other than RE/MAX Preferred may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
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