Sample five-year calculation of
property taxes for a new $160,000 home purchased in Gilbert. |
| (Note:
these figures do not factor in increases in value of the home over
the five-year period of time.) |
|
|
|
|
|
|
| |
WITH |
WITHOUT |
|
HOMEOWNER |
| |
ABATEMENT |
ABATEMENT |
|
SAVINGS |
|
FIRST YEAR |
|
|
|
|
|
GROSS ASSESSMENT |
$160,000 |
$160,000 |
|
|
|
MINUS ABATEMENT |
$120,000 |
|
|
|
|
NET ASSESSMENT |
$40,000 |
$160,000 |
|
|
|
TAXABLE VALUE (56.2651%) |
$22,506 |
$90,024 |
|
|
|
GROSS TAXES ($32.756/$1000) |
$737 |
$2,949 |
|
$2,212 |
| |
|
|
|
|
|
SECOND YEAR |
|
|
|
|
|
GROSS ASSESSMENT |
$160,000 |
$160,000 |
|
|
|
MINUS ABATEMENT |
$96,000 |
|
|
|
|
NET ASSESSMENT |
$64,000 |
$160,000 |
|
|
|
TAXABLE VALUE (56.2651%) |
$36,010 |
$90,024 |
|
|
|
GROSS TAXES ($32.756/$1000) |
$1,180 |
$2,949 |
|
$1,769 |
| |
|
|
|
|
|
THIRD YEAR |
|
|
|
|
|
GROSS ASSESSMENT |
$160,000 |
$160,000 |
|
|
|
MINUS ABATEMENT |
$72,000 |
|
|
|
|
NET ASSESSMENT |
$88,000 |
$160,000 |
|
|
|
TAXABLE VALUE (56.2651%) |
$49,513 |
$90,024 |
|
|
|
GROSS TAXES ($32.756/$1000) |
$1,622 |
$2,949 |
|
$1,327 |
| |
|
|
|
|
|
FOURTH YEAR |
|
|
|
|
|
GROSS ASSESSMENT |
$160,000 |
$160,000 |
|
|
|
MINUS ABATEMENT |
$48,000 |
|
|
|
|
NET ASSESSMENT |
$112,000 |
$160,000 |
|
|
|
TAXABLE VALUE (56.2651%) |
$63,017 |
$90,024 |
|
|
|
GROSS TAXES ($32.756/$1000) |
$2,064 |
$2,949 |
|
$885 |
| |
|
|
|
|
|
FIFTH YEAR |
|
|
|
|
|
GROSS ASSESSMENT |
$160,000 |
$160,000 |
|
|
|
MINUS ABATEMENT |
$24,000 |
|
|
|
|
NET ASSESSMENT |
$136,000 |
$160,000 |
|
|
|
TAXABLE VALUE (56.2651%) |
$76,521 |
$90,024 |
|
|
|
GROSS TAXES ($32.756/$1000) |
$2,507 |
$2,949 |
|
$442 |
| |
|
|
|
|
|
TOTAL TAXES FOR 5 YEARS |
$8,109 |
$14,744 |
|
TOTAL SAVINGS $6,635 |
| |
|
|
|
|
|
Prepared with help from the Story County Assessor's
Office. |
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|
