The amount of taxes to be paid is determined by multiplying the appropriate millage rate by the assessed value of a property less its proper exemptions. The governing bodies of the State of Alabama, Marengo County, local cities and other taxing agencies set millage rates. Assessed values are determined by the defined property class applicable to the property; the State of Alabama defines four classes of property based on use.
A mill equals one-tenth of one cent (.001). When all of the taxing authorities’ millage requests are added together, it is then possible to calculate a total tax bill.
For example, an owner-occupied residence (Class III property) valued at $100,000 would have an assessed value of $10,000, which equals 10% X $100,000. (All Class III property is assessed at 10% of appraised value.) To determine the applicable taxes, the assessed value is multiplied by the appropriate millage rate. If the millage rate were 26 mills, for example, the taxes owed would equal $10,000 X .026 = $260. Note this is the calculated tax before any exemptions have been applied.
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