How does it work? Here is an example: The new tax can be calculated by taking the difference between the old (2005) assessment and the new (2006 revaluation-generated) assessment and dividing the difference by 5. Add that figure to the old (2005) assessment and you will arrive at the first year “phase in” assessment. Multiply the phase in assessment by the new mill rate of 31.77 (0.03177) to get the new
tax (see example shown below). Exemptions for which you may have already been approved are not shown in the example. (click here to read the entire Message from the Mayor's Office)
