How much does the Library cost? Use this formula to compute your specific cost:
- Fair market value of your home times .35 = assessed value
e.g. 200,000 x .35 = $70,000
- Assessed value/1,000 times millage (1 mill is equal to $1 tax per $1,000 assessed property value)
e.g. $70,000/1000 = $70.00 x 2.8 = $196.00
- Millage amount times rollback
e.g. $196.00 times .875 = $171.50 per year or $14.29 per month
In 2003 a 2.5-mill levy passed. Using the above formula, the cost to a homeowner with a $200,000 house was $153.12 or $12.76 per month.
This new levy represents a $1.53 a month increase from what was approved in 2003.
Over the course of the five-year levy, more homes were built and the population increased. The amount the library collects, however, does not increase with growth, rather, the amount individuals pay decreases as the cost is spread out over more people. So by 2008 a person with a $200,000 home is now only paying $130.32 per year. That is why, with the new levy, the increase is $3.43 a month instead of $1.53.