For $100,000 house, increase would be 82 cents

Marion County’s revised 2010 budget calls for a smaller tax increase than expected.

Commissioners met Friday with accountant Scot Loyd of Swindoll, Janzen, Hawk & Loyd of McPherson, to discuss revisions.

Loyd calculated the county would need to raise its property tax rate by 0.071 mills, lower than an earlier estimate of one mill.

The 2009 county tax rate is 63.352 mills. The projected increase would be a little more than 0.1 percent.

Nothing in the 2010 budget is final. Commissioners will meet at 9 a.m. Thursday to review the budget for publication. A budget hearing is scheduled for 9 a.m. Aug. 24.

How taxes are calculated

To calculate property taxes, divide a property’s assessed value by 1,000 and multiply by the mill rate.

A property’s assessed value is not the same as its actual value. Different kinds of property have different assessment rates.

Residential properties are assessed at 11.5 percent of appraised value, and commercial lots are assessed at 25 percent. Other property classifications are assessed at different rates.

A $100,000 residence would be taxed $729 at the county’s current mill levy. A $100,000 commercial property would be taxed $1,584.

A 0.071 mill increase would raise taxes on the home 82 cents and on the business $1.78.