Tax Calculation Worksheet
Sale or Appraised Value:   ________________________________
Assessment %:  X   .35 (35%)
Assessed Value:  = _______________________________
Tax Rate:  X _______________________________
Subtotal:  = _______________________________
10% Rollback:  - _______________________________
 2.5% Credit:  - _______________________________
Net Taxes:  = _______________________________
Monthly: 
(divide Net Taxes by 12) 

= _______________________________

 

 

Example Calculations for both Depreciation and Appraised Methods

Taxes Using the Depreciation Method 
    1999 1993  
Purchase Price:    $56,421 $35,150  
Depreciation %:  X 80% 50%  
         
Depreciated Value:    $45,140 $17,575  
Assessment %: X 40% 40%  
         
Assessed Value:    $18,056 $7,030  
* Full Tax Rate:  X .07975 .07975  
2000 Full Year Taxes:    $1,439.97 $560.64  
Taxes Using the Appraised Method
    1999 1993  
Appraised Value:    $56,421 $35,150  
Assessment %:  X 35% 35%  
Appraised Value:    $19,747 $12,303  
* Effective Tax Rate:    .048363115 .048363115  
Subtotal:    $955.03 $595.01  
         
10% Rollback:    95.50 59.50  
2.5% Credit:  X $23.88 $14.88  
2000 Full Year Taxes:    $835.65 $520.63  

* Current Tax Rate

The above examples shows two different situations. In the case of the home acquired in 1999, it would be beneficial to convert to the appraised taxation method.  However, in the second example of a home acquired in 1993 it would not be beneficial.