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What are my taxes based on?

Property taxation has 3 components.

  1. The first component is the value of the property.
  2. The second is the assessment ratio that is multiplied against the value of the property.  This ratio is set based on the current use of the property.  That ratio is multiplied against the value of the property to get to a net assessed value.  Once the ratio is applied to the full cash value and limited property value, it creates an assessed value for both full cash and limited property values.
  3. The third component is the tax rate.  The net assessed value amounts are then applied to the Current Tax Rates in your area. Tax rates are set by your local taxing jurisdictions.
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