How are my taxes calculated and what do these bills represent?

The Fiscal Year begins on July 1st and runs until June 30th. The first two tax bills received on July 1st and October 1st are preliminary tax bills based upon the prior year's values and tax rate. The new Fiscal Year's assessments are set in the fall, the community determines if there will be a split or single rate and a tax rate set by mid-December. The tax bills sent by January 1st represent the Actual bills for the Fiscal year. These bills use the new Fiscal Year's assessment and tax rate to determine the total year's taxes due. The preliminary amounts are subtracted. The remaining amount is divided by two for the third and fourth quarters. This calculation results in the four quarters not being the same.

  • Ex. Fiscal 2020 assessment of $510,000 and rate of $18.32 ÷ $1000
  • Fiscal 2021 Preliminary bills $510,000 x $18.32 ÷ $1000 ₌ $9,343.20 ÷ 4 quarters ₌ $2,335.80
  • Fiscal 2021
    • Q1 ₌ $2,335.80
    • Q2 ₌ $2,335.80 Total Preliminary Paid ₌ $4,671.60
  • Fiscal 2021 Value set at $535,000 and rate of $18.54
  • Fiscal 2021 total taxes: $525,000 × 18.54 ÷ $1000 ₌ $9,918.90
  • Less Preliminary Bills: $9,918.90 ‑ $4,671.60 ₌ $5,247.30
  • Fiscal 2021 Q3 and Q4 Bills: $5,247.30 ÷ 2 remaining quarters ₌ $2,623.65 per quarter

The total increase in taxes is $575.70

Many take the recent tax bill just received and multiply by four to calculate their total taxes for the year. In the example above, that would represent an increase of $1,151.40. You can take some consolation in that the next July's bill will be less than the bills just received.

Show All Answers

1. What does the Assessing Department do?
2. What does the Assessing Department not do?
3. How do the Assessors determine the value of my property?
4. Am I required to allow the Assessor to inspect my property?
5. How are my taxes calculated and what do these bills represent?
6. What if I disagree with the assessment of my property?
7. Why did my value go up more than others in my neighborhood?
8. What remedies are available to me if the Assessor denies my abatement application and I am aggrieved by this decision?
9. What is Proposition 2 ½?