Monday, August 21, 2006

Updates on Tax Assessment

Previously, I told you how to look up the value of property belonging to anyone in the state. At the time, I wasn't sure what all the terms meant. After a visit to the Tax Assessor's office, I can report the following:
  • True Improved Value is the value of your house.
  • True Land Value is the value of your land.
  • True Value is the value of your house and land combined.
  • Assessed Value is 10% of the True Value and is what your taxes are based on.
  • You pay taxes for the county and for the school district - plus the city if you live in Natchez. All three together add up to .1662, unless someone raises taxes.
  • Multiple your Assessed Value by .1662 to determine your taxes.
  • Then subtract your homestead exemption.

Don't forget the Mayor & Board of Aldermen meet Tuesday at 6 pm. I hope to be on the Agenda about the raises, and I requested it in time. We'll see!

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