How Much Will That Tax Cost Me? Here's the Formula

Figuring out how much a tax will cost a property owner, based on millage, can be confusing. We asked treasurer Autumn Streng to explain how taxes are figured per $100,000 valuation.  

The formula, which would work for any Lorain County millage, is based on home valuation, an assessed rate, millage and a rollback. Millage is determined after it is determined how much money the levy needs to generate (for example, $XX million per year for operating expenses, equipment or a new school building.)

Millage is determined the , which can also provides property owners with a valuation.

Avon Lake School District is placing a 9.02 mill levy on the November ballot that is expected to cost homeowners $268 per $100,000 valuation. The five-year emergency levy is for operating expenses. 

The Avon School District will try, for a third time, to help construct a new middle school.

Avon Lake is also seeking to put back on the November ballot after it was narrowly defeated in the August special election. If approved, the levy will cost property owners $61.25 per $100,000 valuation.

Here’s how taxes are determined based on a set millage. The example below uses 9.04 mills as an example:

$100,000

market value

x

0.35

assessed rate (35%)

$35,000

assessed value

$35,000

assessed value

x

0.00904

millage

x

0.875

rollback (12.5%)

$277

tax due (per $100,000 home valuation)