Residential, Commercial and Industrial
Land and
Improvements - Class 4
The Department of Revenue's local offices appraise all land and improvements (except large industrial property). This includes:
- Residential, commercial and industrial land and improvements
- Agricultural and timber producing property
- Mobile homes/Manufactured homes
- 1-acre homesites located on non-qualified agricultural land and forest land
- Golf courses
Market value of land and improvements is calculated using the cost, income and market approaches by the local office of the Department of Revenue.
Given a residence with phase-in value of $100,000 in tax year 2004, the tax liability is calculated as follows.
$100,000 = Phase-in Value
Homestead Exemption is 34%$100,000 - ($100,000 x 34%) = $66,000
Phase-in Value - Homestead Exemption = Taxable Market Value$68,600 x 3.01% = $1,987
Taxable Market Value x Taxable Percentage = Taxable Value$1,987 x 400 mills = $794.80
Taxable Value x Mills = Taxes
