Reference Number: 
CTAS-2100

Sample Property Tax Collection with a Variance Factor

Previous Year Assessments

Real Property $3,027,936,200
Tangible Personal Property $395,556,002
Intangible Personal Property $0
Public Utilities & Transportation $144,750,000
Total Assessed Value $3,568,242,202
Apply Previous Year Tax Rate $0.0247
Property Tax Collection at 100% $88,135,582
Actual Property Tax Collected $83,728,803
Actual Collection Percentage 95%

 

Current Year Assessments

Real Property $3,107,686,845
Tangible Personal Property $359,968,235
Intangible Personal Property $0
Public Utilities & Transportation $130,880,876
Total Assessed Value $3,598,535,956
Apply Current Year Tax Rate $0.0247
Property Tax Collection at 100% $88,883,838
Apply Historical Collection Percentage 95%
Property Tax Collection Estimate $84,439,646

 

Net Penny Calculation

Property Tax Collection Estimate
(Using Historical Collection Percentage)

$84,439,646
Divide by 100 $844,396

 

Determining the Yield of One Cent of the Property Tax Rate

Total Assessed Value $3,598,535,956
Divide by $100 $35,985,359
Multiply by one cent ($0.01) $359,853
Multiply by historical collection percentage 95%
What one-cent yields from a one cent rate $341,860