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Customer Service Questions
How is supplementary tax calculated? Topic: Assessment Viewed 654 times
Asked at 10:22 am on Tuesday, October 16, 2007
How is supplementary tax calculated?
Last modified 2007-10-16 10:26
Response
Here are some examples of how Town of Strathmore calculates supplementary tax on residential property:
Example 1
A vacant lot is assessed at $50,000 as of December 31. In the following year, construction of a home starts in March and is completed and occupied as of June 30. The home is assessed at a total value of $150,000, which consists of the land assessed at $50,000 and the building at $100,000. The annual assessment and tax notice – sent in May – is based on the value of the vacant land. The supplementary tax notice sent in September is calculated as follows:
$150,000
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Assessed Value (Land & Buildings)
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($50,000)
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Assessed Value of Land on Assessment and Tax Notice
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$100,000
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Supplementary Value subject to Taxation
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$100,000
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Supplementary Assessment
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0.008048
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2007 Mill Rate
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$804.80
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$804.80
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/12
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(Months in the year)
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$67.07
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x 6 (number of months occupied)
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$402.40
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Supplementary Tax
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Example 2
A partially constructed home is assessed at $100,000 as of December 31. In the following year construction is finished and the home is occupied as of February 28. The home is assessed at a total value of $150,000. The annual tax notice – sent in May – is based on the partial assessment of $100,000 (that includes the land and value of the partially constructed home). The supplementary tax notice sent in September is calculated as follows:
$150,000
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Assessed Value (Land & Buildings)
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($100,000)
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Assessed Value of Land and partial Assessment of Buildings on Assessment and Tax Notice
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$50,000
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Supplementary Value subject to Taxation
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$50,000
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Supplementary Assessment
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0.008048
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2007 Mill Rate
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$402.40
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$402.40
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/12
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(Months in the year)
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$33.53
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x 10 (number of months occupied)
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$335.33
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Supplementary Tax
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If you would like more information about supplementary assessment and tax, please contact the Town of Strathmore Assessment Department. Answered 2007-10-16 10:26 / last modified 2007-10-16 10:26
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