How are property taxes calculated?

The actual value is multiplied by the assessment rate which is then multiplied by the mill levy. Example: Actual value is ($100,000 x 7.15% (residential assessment rate) x 63.603 mills)/1000 = $454.76 taxes due.

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1. How is the value determined on my property?
2. What is the difference between actual value and assessed value?
3. How often is property revalued?
4. How are property taxes calculated?
5. Who sets the tax rate or mill levy?
6. How do I qualify for the Senior Exemption?