Tax break for homeowners may mean tight La Plata budget

Tax break for homeowners may mean tight La Plata budget

State rule could deplete tax revenue, additional $800,000 in 2018
The state will set a new residential property tax assessment ratio this year, which will translate to a break for taxpayers and possibly an $800 decrease in revenue for the county – on top of other revenue shortfalls.
Calculating new property tax

If the residential assessment ratio decreases from 7.96 percent to 6.85 percent as projected, a county home owner with a house with an appraised value of $400,000 would pay about $38 less on this particular tax under the current county mill levy of 8.5 mills.
Multiply the appraised value ($400,000) by the assessment ratio (.0796). Then multiply the product by the county mill levy (.0085) to get the estimated property tax.
This calculation is an example and does not reflect the anticipated property tax change for all taxing districts, including special districts and school districts.

Tax break for homeowners may mean tight La Plata budget

The state will set a new residential property tax assessment ratio this year, which will translate to a break for taxpayers and possibly an $800 decrease in revenue for the county – on top of other revenue shortfalls.
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