How to Calculate Property Tax on your Torch Lake Township home.

How to Calculate Property Tax on Your Torch Lake Township Home

Property tax calculation is a straightforward multiplication problem. The formula is:

TAXABLE VALUE x MILLAGE RATE / 1,000 = TAX

The taxable value of your property is a formula calculated by the assessor and reported to you each February through your Notice of Assessment, Taxable Valuation, and Property Classification document.

The millage rate is the total number of mills being levied. Millage rates are calculated in the spring for the summer collection and in the fall for the winter collection. Millage rates vary from year to year.

Example:

The following illustrates the 2004 property tax estimate for a homeowner’s principal residence in the Elk Rapids school district.

- Taxable value is $60,000
- Millage rate is 11.5429

$60,000 X (11.5429/1000) = $692.57

Keep in mind that the method shown here will result in an estimate of your total tax for the entire year. The same method can be used to estimate your summer and winter bills separately. Just insert the summer millage rate to estimate your summer tax and insert the winter millage rate to estimate your winter tax. This figure is then multiplied by 1.01 (1 percent) for the property tax administration fee, which can only be used for assessing and property tax collection purposes.

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