To the Editor,
If property assessments take a rise in property values, the mill rate from the previous year should be lowered or stay the same.
This is not happening.
What is happening is that when property assessments go up in value, municipal governments are raising the mill rate.
That is wrong and taxpayers are paying too much on their property taxes.
Property tax formula is assessment value times mill rate, divided by 1000. For example if the tax assessment is $500,000, the calculation is $500,000 x mill rate divided by 1000. In 2017 if the mill rate was six, the property tax would be $3,000. If this assessment went up to $550,000 keeping the mill rate the same as in 2016, the property tax would be $3,300.
The increase is automatic.