Whether you reach for a sharpened No. 2 pencil and a piece of paper or choose to tap numbers into your phone’s calculator, it’s time to do a little math to at least have an idea of what your tax bill may look like.
Although neither the city nor the county has adopted the new budgets, the recommended budgets have been received. The City Council got a 158-page budget document earlier this month and the Vance County Board of Commissioners got a 138-page budget document on Monday, May 28.
Now comes the time when each body of elected officials has budget work sessions and holds public hearings to hear citizens’ comments about the budget particulars; budgets must be approved before July 1.
The city’s budget includes a property tax rate of 55 cents per $100 valuation; the county’s budget includes a property tax rate of 61.3 cents per $100 valuation.
As both the city council and county commissioners review the budget, it’s possible that some changes will be made before the final budget is adopted.
However, if you’re itching to see what your tax bill could be, you can play around with the current tax rates that are contained in the proposed budgets.
Now here’s where some basic math comes in to play. Consider this scenario:
Let’s say your property is valued at $100,000.
- If your property is in the county, you will need to use the 61.3 cents per $100 valuation PLUS the fire tax rate, which is 5.9 cents per $100 valuation to get a total of 67.2 cents per $100.
- If your property is located within the city of Henderson, guess what – you will add the city’s rate of 55 cents per $100 PLUS the county’s rate of 61.3 cents for a total of 1.163 per $100.
But there’s one more important step: You must divide your property value ($100,000 in this example) by 100 because the tax rate is per $100.
$100,000 divided by 100 = $1,000
Using this scenario, county residents would multiply $1,000 by .672 to get $672; city residents would multiply $1,000 by 1.163 to get $1,163.
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