HOW REAL PROPERTY TAXES ARE CALCULATED
- This example illustrates a residential property in the City of Bryan with a market value of $100,000.
(Please note that tax rates vary between taxing districts and the rates,
reductions and credit percents used in this example
are specific to properties in the Bryan City taxing district.)
- To compute the taxable or assessed value, multiply the market value (1) times 35%.
- To compute the gross taxes, divide the taxable rate
($81.45) by 1000 and multiply the factor by the taxable value ($35,000).
- Multiply the gross taxes by the reduction factor of
30.9931% to compute the tax reduction.
- Subtract the tax reduction from the gross taxes to compute the taxes before
the Non-Business and Owner Occupancy credits.
- Multiply the total from step (5) by 8.2425% to compute the
- Multiply the total from step (5) by 2.0606% to compute the
Owner Occupancy Credit.
- Subtract the amounts computed in steps (6) and(7) from the total computed in
step (5) to compute the net taxes due.
SAMPLE: BRYAN CITY VOTED MILLAGE =
| 1. Market Value of Property||$100,000|
| 2. Taxable Value ||(35% of Market Value) ||$ 35,000|
| 3. Gross Real Estate Taxes||($35,000 x
| 4. Less: Tax Reduction||($2,851 x
| 5. Subtotal||$
| 6. Less: Non-Business Credit||($1,967 x
| 7. Less: 2 1/2% Owner Occupancy Credit||($1,967 x
2.0606%)|| $ (41)|
| 8. Net Taxes Due ||$1,764|
Net taxes due does not include any "Special Assessments" applicable to