What would restoring the millage rate to 2.5 mills cost the homeowners in Saginaw Township?
You must first know your property's exact "taxable value" before an estimated tax change can be calculated. Since 1994, property tax calculations no longer utilize the state equalized value (50% of a property's market value). You may find your property's current "taxable value" at the following web address: http://www.sagagis.org/search/ or by looking at your most recent tax bill. The "taxable value" is now multiplied by the millage rate to compute property taxes. The taxable value / market value relationship varies greatly from property to property.
Prior to 2006, the millage rate was 2.5 mills, where it had been since 1985, and therefore this proposal has been structured to restore the millage rate to the level it was in 2005. For instance, the median value of a home in Saginaw Charter Township has a taxable value of $60,000 (market value of $120,000 or more). The calculation is $60,000 X .25 / 1,000 = $15.00 per year, or just four cents a day. The following table shows the tax impact of selected taxable values:
Estimated Taxpayer Impact
*Under Proposal A, generally, taxable value only increases at the rate of inflation unless there is new construction or appreciated property is sold.