Step-by-Step Property Tax Estimation

For Residential or Agricultural Properties

Step 1

Determine the market value of your home, as provided by the Montgomery County Auditor’s Office. This is called the appraised value.

Find your property’s appraised value by going to www.mcrealestate.org and clicking on the Property Search tab, or by calling 937-225-4326.

Step 2

Multiply the appraised value by 35% to get the taxable value, known as the assessed value.

Example: $200,000 appraised value X .35 = $70,000 assessed value

Step 3

Divide the assessed value by 1,000 to get the cost per mill (mill is defined as 1/1,000).

Example: $70,000 ÷ 1,000 = $70 per mill cost.

Step 4

Multiply the per mill cost times the effective millage rate, which is 15.743520 for residents of unincorporated Washington Township and 7.309656 for residents of the incorporated area (city).

Unincorporated Example: $70 X 15.743520 = $1,102.05

Incorporated Example: $70 X 7.309656 = $511.68

Step 5

Calculate your rollback. If you live in the home on which you pay taxes, you are eligible for rollbacks of 12.5%. (Two tax relief measures have been granted by the state – a 10% rollback on all real property tax in 1971 and an additional 2.5% rollback in 1979 for owner-occupied properties. However, the rollback does not apply to new or replacement levies passed after 2014.)

Unincorporated & owner-occupied example: $1,102.05 X .125 = $137.75 rollback

$1,102.505 - $137.75 = $964.30 tax owed

Incorporated & owner-occupied example: $511.68 X .125 = $63.46 rollback

$511.68 - $63.96 = $447.72 tax owed

This step provides an estimate of your Washington Township yearly taxes, however keep in mind that additional factors are not included such as special assessments and Homestead exemption.

Step 6

Determine if you are eligible for the Homestead Exemption, a reduction in property tax that is available to all property owners at least 65 years of age or permanently disabled. Property owners must apply for the exemption and must reside in the home for which they are applying.

 

 

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