Tim Hock Properties
If you pay property taxes, you've likely encountered the term "millage rate." While the term is often used interchangeably with tax rates, there are some key differences to understand. To help you better navigate the world of property taxes, here is an overview of the basics of understanding millage rates:
Millage rate, also called mill rate, comes from the Latin word for "one thousandth." Therefore, the millage rate is based on the amount per every one thousand dollars of property value. Multiple millage rates go into calculating property tax amounts, including those from various local agencies.
For example, public school boards have their millage rates they use to determine local school taxes based on the overall value of district property values. Other examples of taxing authorities with their millage rates include emergency services, community colleges, cities and counties.
Millage rates are a key component in deciding the amount you owe on your property taxes. To calculate individual property taxes, you take the property's assessed value and multiply it by the millage rate or rates. Here is the basic formula:
Assessed value x Millage rate
For example, if the assessed value of a home equals $135,000 and the local millage rate is 7% (70/1000), the estimated property tax amount comes to $9,450.
Because this formula can include multiple different rates, it can be tricky to determine exactly how much you'll owe in property taxes. However, you can usually find an individual property's millage rate on the deed. Using this rate and your property's tax-assessed value, you'll be able to find an estimation of your annual tax responsibility.
It's Just Not Possible To Look For A Home In An Older "In-Town" Neighborhood Near Duke University And Not Come Across The Iconic Oval Sign For "Tim Hock Properties". Often Said To List Some Of The Most Beautiful Homes In Durham, Tim Has Turned Buying & Selling A Certain Type Of Home Into An Art Form.
If Asked, Tim Will Tell You, "I Have The Best Job And The Best Clients In The World, Working In A City I Know & Love, Doing What I Want To Do And Being Allowed To Always Do It Very, Very Well. Nothing Makes Me Happier Than Walking By A Former Listing And Seeing How Well The Builder's Design Decisions Have Timelessly Aged. "And, To Know I Had A Small Part Of The Final Outcome Of The Finished Product Is Very Fulfilling To Me."
Triangle Multiple Listing Service™ system
Listings marked with this icon are provided courtesy of the Triangle, Inc. of North Carolina, Internet Data Exchange Database. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use. Copyright 2019 [Where 2019 is current year] Triangle, Inc. of North Carolina. All rights reserved. Closed (sold) listings may have been listed and/or sold by a real estate firm other than the firm(s) featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property.