The Property Appraiser has nothing to do with the total amount of taxes collected and neither the Property Appraiser nor the Tax Collector set your tax rates. Putnam County tax rates, or millage rates, are set by:
Appraised Value and The Tax Rate
As a property owner, you are not only interested in what value the Property Appraiser places on your property, but in the way the amount of taxes you pay is determined.
This is the way it works:
- Let’s say the Property Appraiser has found the value of your home to be $50,000 this year.
- You apply for Homestead Exemption, so $25,000 is deducted from your appraised value, leaving a taxable value of $25,000.
- Now, let’s assume that the tax rate in your community has been set by the taxing agencies at 17 mills. (This overall millage rate is actually the sum of all levies placed upon your property by all authorities in your district.) 17 mills is the same thing as saying $17.00 of taxes per $1,000 of taxable value.
- Divide the taxable value of your property by $1,000. (Here the answer is 25.) Multiply this by the tax rate (17 mills).
- $17.00 x 25 = $425.00 (your tax bill)
- This is the amount of taxes due on your home this year. (Less discount for prompt payment–if paid in Nov. 4%, Dec. 3%, Jan. 2%, Feb. 1%)