If you go online today to www.muni.org/pw/public.html, just enter your address to take a look at your home’s 2016 Municipal Property Tax assessed value. Per Municipal guidelines, 2016 values were published today, January 15th. In the next couple of days, you should receive a green postcard in the mail as well. The postcard will give you the same 2016 assessed valuation information you can find online today.
You’ll most likely see a 2% -5% increase in your home’s assessed value over last year. However, that can vary considerably from home to home depending on Municipal evaluation of location, condition, inspection results and a laundry list of other variables. A minority of homeowners will find their 2016 valuation the same or less than last year.
Your home’s assessed value has a direct impact on your 2016 Municipal Property Tax bill. When 2016 mill rates are finalized in mid-May, you’ll know exactly what the bill amounts will be for your June 15 and August 15 due dates. The mill rate is multiplied by your home’s assessed value, divided by 1,000 to get the total bill amount.
Example: A mill rate of $15.04 times a $350,000 assessed value, divided by 1,000 equals a total tax bill of $5,264. $2,632 will be due June 15th and $2,632 will be due August 15th.
For more information about Municipal property tax exemptions, valuations, dates of importance, etc., just page down to review the other articles I’ve written on this topic.