Posts from February 19th, 2025

As many of you are preparing your income taxes, your local municipalities are already hard at work planning the 2026 budget. You might be wondering—why start planning the 2026 budget when we are just six weeks into 2025? Well, the budget preparation process is complex and involves reviewing expected revenue sources, including property taxes.

Most homeowners don't fully understand how property taxes are determined or why their tax bills fluctuate. So, let's break it down into three key points that every homeowner should know.

1. How the Millage Rate Determines Your Property Tax Bill

One of the most crucial factors in calculating your property taxes is the millage rate—the amount per $1,000 of a property's assessed value that the local government uses to determine tax liability. Here's how it works:

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