To see how much your property taxes are likely to increase, just pull out your most recent property tax statement. Find the assessed valuation.
The assessed valuation represents 11.5 percent of the actual value of residential property. For commercial property, its 25 percent of the actual value. For farm property, the assessed valuation depends on production value; its calculated by multiplying the average income per acre times 30 percent.
For example, if you own a $70,000 home, the assessed valuation is $8,050.
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