How is my tax bill calculated

1
How is my tax bill calculated?

• Answer on the following slides.

2
Your property tax is an Ad Valorem tax a Latin
phrase meaning according to the value. It is
based on the full and fair cash value FFCV) of
the real or personal property.

• It is based totally on how much the property you
  own is worth.

3
EXAMPLE

• If an assessor assesses property for 100 of
  value, a house and land with a market value of
  296,500 would be assessed at 296,500.
• Therefore with no exemptions, this propertys
  taxable assessed value is 296,500.
• This is not the tax bill.
• The tax bill depends on the Town of Rockland tax
  rate.

4
Tax Rate

• The tax rate is determined by dividing the
  total amount of money that has to be raised,
  limited by Proposition 2 ½, the tax levy by the
  assessed value of all taxable property in the
  town.
• Let us say the towns tax levy is 21,000,000 and
  the sum of all taxable properties is
  2,100,000,000.
• 21,000,000/2,100,000,000 is .01000.
• .01000 X 1000 10.00 (the Tax rate).
• The Tax rate is the rate per 1000 of assessed
  value.

5
Therefore the tax bill for the property is

• 296,500 the value, divided by 1000 giving you
  296.5
• Now multiply 296.5 X 10.00, the tax rate.
• Your annual Tax Bill is 2965

6
Now you have your answer.

• Now you can see, the amount of your tax bill
  depends on both the assessment and the
• tax rate.
• Click on the link below for additional
  information

Setting the Town of Rockland Tax
Rate http//www.rockland-ma.gov/pdf/BOA/Setting20
the20Tax20Rate20for20FY2009.ppt