True and Full Value, Assessed Value, and Taxable Value

True and full value is the starting point in the assessment process. It represents market value for residential and commercial property and productivity value for agricultural land.

Assessed value is 50% of true and full value.

Taxable value is 9% of assessed value for residential property and 10% for all other property classes.

Therefore, taxable value is 4.5% of true and full value for residential property and 5% of true and full value for all other property. To calculate a tax bill, the taxable value is multiplied by the consolidated mill levy rate.