How to Calculate an Estimated Tax Bill

Below you will find the formula for calculating an estimated tax bill:

Final Equalized Assessed Value
Less Any Exemptions
Equals Total Taxable Assessment
Multiplied by Tax Rate from Last Tax Bill
Equals Estimated Tax Bill

• You should check your most recent tax bill to see which exemptions apply.

• Most Recent Tax Rates:

            10.927%  properties that reside in District 6 for schools (Zion Elementary)
            10.035%  properties that reside in District 3 for schools (Beach Park Elementary)

Examples:     40,000  Final Equalized Assessed Value
                        -6,000  General Homestead Exemption
                        34,000 Total Taxable Assessed Value
                        X 10.927%  Most Recent Tax Rate (Zion Elementary Schools)
                        $ 3,715.18  Estimated Tax Bill

 

Examples:     40,000  Final Equalized Assessed Value
                        -6,000  General Homestead Exemption
                        34,000 Total Taxable Assessed Value
                        X 10.035%  Most Recent Tax Rate (Beach Park Schools)
                        $ 3,411.90  Estimated Tax Bill

• Please keep in mind, in times of decreasing assessed valuations, tax rates are likely to rise from previous years.