How Taxes Are Calculated

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Each year, the City and School Boards set their own tax rates, also called mill rates. A mill equals 1/10th of one cent. All residential and commercial property in Swift Current is assessed. Currently, the mill rate and mill rate factor are multiplied by the taxable assessment and added to the base tax to determine taxes. The base tax adjustment is applicable only to the municpal portion of property taxes:

Base Tax + Taxable Assessment x Mill Rate x Mill Rate Factor x Base Tax Adjustment = Taxes
1,000

For a home with a fair value assessment of $100,000, the taxable assessment would be $70,000, at the 2004 mill rate of 12.59 (city) and 22.08 (public school), the total taxes would be:

$300.00 + (70,000 x 12.59 x .772 x .470) + (70,000 x 22.08 x .772) = $1,812.97
1,000