How Is The Amount of the Bill Determined?
The tax bill is determined by a specific formula. This tax is based on the difference in assessed value of a home when purchased by the prior owner and the newly assessed value for the new owner. For a newly built home, the supplemental property tax is based on the difference in value of the land before construction and the new property value after construction is complete. The total supplemental assessment will be prorated based on the number of months remaining until the end of the tax year, June 30.