Demystifying Property Taxes and Assessment

Market values, equalization rates, residential assessment ratios (RARs)- all this could seem daunting to the average homeowner.

Tom Wassel, an attorney with Cullen and Dykman, presented the ABCs of property taxes and assessment proceedings at the June 16 meeting of the village board of trustees to help residents demystify the sometimes confusing process.

Wassel notes that most assessments are "fractional" - or just a percentage of actual market or full value and all properties must be assessed at a "uniform percentage of value."

The village of Garden City calculates your taxes using this formula: assessed valuation multiplied by the tax rate equals your village tax liability. As an example, Wassel said if a $13,400 assessed value is multiplied by the 2011-2012 village tax rate of $42.12 per $100 of assessed value, the total village tax liability would equal $5,644.

Check out the PowerPoint presentation to the right to find out more.