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Ad valorem taxes are taxes based on the property value. Essentially, you would take the value of the home and multiply it by the tax rate (or millage rate) of the previous year. The value of your home should be entered as accurately as possible to give you correct results.
If you recently purchased the home, you can use the appraisal you received at the closing. The assessed value of the property may not have caught up with the tax system, so if you had an old tax rate, it may not be valid anymore. For instance if you got a preconstruction tax bill based on your build-able lot, with no structure, your rate will rise considerably once the structure is complete.
|Sheri Ann Richerson|