Sunny · 64°
Due to a staff shortage, The Boone County Planning and Development Department will be unable to process passports on Wednesday April 24th, or Friday April 26th. Normal operation will resume on April 29th.
How Taxes are Calculated
View a sample of how taxes are calculated.
How To Calculate Your Estimated Net Tax
Tax Example with No Credits
| Step-by-Step Instructions | Calculation |
|---|---|
| 1) Enter your assessed value | $100,000 |
| 2) Enter the rollback* | x 46.3428% |
| 3) Multiply line 1 by line 2 (Equals your gross taxable value) | = $46,342.80 |
| 4) Enter the tax levy for your tax district ** | x 0.04013305 |
| 5) Multiply line 3 by line 4 | = $1,859.88 |
Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar)
Example with Homestead Credit
| Step-by-Step Instructions | Calculation |
|---|---|
| 1) Enter your assessed value | $100,000 |
| 2) Enter the rollback * | x 46.3428% |
| 3) Multiply line 1 by line 2 (Equals your gross taxable value) | = $46,342.80 |
| 4) Subtract Homestead Credit | -$4,850 |
| 5) Equals your Net Taxable Value | = $41,492.80 |
| 6) Enter the tax levy for you tax district ** | x 0.04013305 |
| 7) Multiply line 5 by line 6 | = $1,665.23 |
Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar)
Example with Homestead & Military Credit
| Step-by-Step Instructions | Calculation |
|---|---|
| 1) Enter your assessed value | $100,000 |
| 2) Enter the rollback * | x 46.3428% |
| 3) Multiply line 1 by line 2 (Equals your gross taxable value) | = $46,342.80 |
| 4) Subtract Military Credit *** | -$1,852 |
| 5) Subtract Homestead Credit | -$4,850 |
| 6) Equals your Net Taxable Value | = $39,640.80 |
| 7) Enter the tax levy for your tax district ** | x 0.04013305 |
| 8) Multiply line 6 by line 7 | = $1,590.91 |
Equals the Estimated Net Property Tax (rounded to the nearest whole even dollar)
* State Rollback-Residential Class is rounded to the nearest $10.
** Tax levy $40.13305 per thousand dollars of value varies with each taxing district.
*** Military Credit =
Enter $1,852 for any war or military action after WWI.
Enter $2,778 if you served in WWI
