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Property Tax is calculated from three factors, the determined Town Budget, the County Tax appraised value of the home and the aggregate of all home tax values within a town's jurisdiction.
The formula is Town Budget / Total Town value = Mill Rate and Mill Rate X Home Value = Municipal Property Tax. The Mill Rate can change from year to year without any change in budget. A homes tax can be impacted by four things, the County appraised value of the home, the town budget that is determined, new homes in the area and the County reappraisal of existing homes in the area. One or all of these factors combine to change the taxes of a home.
The example below shows a simplified view of the tax calculations of a small town over three years.