Calculating Tax Impact

Property taxes are one of the major financial sources of supporting schools.  The Minto School Bond Referendum will increase property tax by 74 mills for a total of $5.8 million. 

You can calculate your property tax impact by using the following formula.

Calculating Tax Impact in Minto School District by an Increase of 74 Mills

Residential Home

1. Take the Market Value (determined by assessor) of a residential property
2. Divide Market Value by 2 to determine Assessed Value
3. Multiply the Assessed Value by 9% to determine the Taxable Value
4. Multiply the Taxable Value by the number of mills
5. Divide by 1000

 For Example:

1. A Home has a Market Value of $150,000.
2. Divide by 2=$75,000 (Assessed Value)
3. Multiply Assessed Value by 9%: $75,000 x 9% = $6,750 (Taxable Value)
4. Multiply by 74 (Mill Increase): $6750 x 74 = 499,500
5. Divide by 1000: 49, 950 /1000 = $499.50
6. Therefore this residential property would have a $499.50 additional tax per year.

Agricultural Land

1.     Take the Productivity Value of an average acre of farm land
2.        Divide Productivity Value by 2 to get the Assessed Value
3.     Multiply the Assessed Value by 10% to get the Taxable Value
4.     Multiply the Taxable Value by the number of mills
5.     Divide by 1000.

 For Example:

1.   Average Productivity Value in Walsh County is $843.58 per acre
2.   $843.58 divided by 2 = $421.79 (Assessed Value)
3.    Multiply Assessed Value by 10% = 42.179 (Taxable Value)
4.    Multiply Taxable Value  by 74 mill increase: 3121.246
5.    Divide by 1000: 3121.246/1000 = $3.12 per acre
6.    Therefore an average of $3.12 per acre tax increase

Commercial Property

Is calculated in the same was as residential property however the Assessed Value is multiplied by 10% rather than 9% to get Taxable Value.


*Source: Understanding School Finance for North Dakota P-12 Schools