Thursday, 06 February 2020 16:05

Reassessment, Property Values, and Millage: How do the numbers add up? Featured

Note: This article was originally posted on BarrettCommunity.com

 

This article features a question & answer between myself and Judy Linder, Barrett Tax Collector, regarding the 2020 millage and how it fits into the county-wide reassessment.

QUESTION (Nate)
I'm confused about the property reassessment and the millage. It looks like the millage went from 20 down to 2.5, the millage numbers were roughly divided by 10. Monroe County is switching the property valuations from 25% value up to 100%. Perhaps I'm totally lost here but one set of numbers is divided by 10 and the other multiplied by 4, it doesn't add up to me. Can you let me know what I'm missing, here?

ANSWER (Judy)
For the new millage rates, the township generated taxes that would equal as close as possible those billed in 2019:

millage comparison 2020

The totals I show are approximate and may differ slightly from what is billed due to rounding, etc. but you can see that the new mills generate the same tax as the former millage.

The value of all the properties in Barrett Township increased from $266,221,640 ($66,555,410 x 4) to $519,592,920, almost doubling.

This explains why some people will see a decrease in their Barrett Township property tax if their particular property’s value increased by less than that.


Editor's Note: 
'Millage' also applies at the school board and county levels.   

Read 128 times Last modified on Sunday, 28 March 2021 08:09

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