Lincoln County Real Estate Tax - How Much Could You Pay

Lincoln County Real Estate Tax – How Much Could You Pay?

No one particularly enjoys paying taxes, but they do fund important parts of our society — roads, schools, law enforcement, etc. Real estate taxes, more commonly referred to as property tax, are assessed on properties that you own (as the name would suggest). (This is different than personal property tax, which is levied on things like boats, cars, mobile homes and farm equipment.)


How much real estate tax you pay will vary, based on how much your home or property is worth and the current tax rate. The assessed value of your property is determined by the Lincoln County Assessor’s Office; the assessor is elected by the people within the county. They look at the value of the home on your property, any other buildings, and the land itself. If you feel the appraised value of your home is incorrect, you can contact the assessor’s office to discuss that, and perhaps even petition the value. The “assessed value” is a percentage of the actual market value of your property. Residential property, for example, is assessed at 19 percent of market value. So, if your property’s market value is $100,000, its assessed value is $19,000. You take that by the total tax rate to determine your real estate tax.


The tax rate is determined by the local entities, or taxing authorities, like school and fire districts or the county commission, when they determine their budget needs. School districts, city councils, county commissions and sometimes fire districts operate independently, and may set their own taxes — also called levies — so what you pay in taxes will be the total of those levies added together, taxed against the value of your property.


If you live in Troy, for example, you would take the value of your home multiplied against the taxes levied for that city and within the county (you can see those rates here). So if you live in Troy, and add up the various taxing authorities’ rates, it comes to a total tax rate of 6.5245 percent. Again, with a property’s market value of $100,000 and assessed value of $19,000, that would make your taxes $1,239.65 for the year.


It’s important to note that your taxes may change from year to year even if the tax rate doesn’t change. If you make improvements to your property, or the land values go up, then the assessed value will likely go up — and that will in turn make your taxes higher.


To find out more, contact your local county assessor, or search for your home using the Lincoln County Assessor’s online tool:


Still have questions? Let us help! Contact us here.


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