In the story, (Herald, July 5), it said a mil is equal to $1 for $1,000 of assessed value.
This formula is consistent with the ones I’ve found on other websites. The story goes on to say that a home valued at $400,000 would have a property tax bill of $76 a year. Wouldn’t the tax be $400 a year?
If you multiply the same home by the maximum mil rate of 2.4, wouldn’t the tax be $960 per year?
Any clarification would be appreciated. Thank you.
Dan Stilwell
Durango
Editor’s note: The example cited in the Herald’s July 5 story referred to a home with a market value of $400,000. On such a home, the assessed valuation would be roughly $38,800. A 2.4 mill levy increase, the maximum allowed under the county proposal, would, for that home, work out to a $76 per-year property tax increase.
