REAL ESTATE PROPERTY TAX
The schedule below shows the tax rate per $100 of assessed valuation for the City of Union. The City uses a State supplied formula that takes into account the annual Cost of Living increase new construction, and several other factors. As a result, the rate per $100 of assessed valuation tends to trend downward even though individual taxes paid trend upward. The upward trend is a combination of the Cost of Living, the reappraisal of real estate, and new construction.
The assessed valuation is reached by applying a percentage against the appraised value of the property.
For real estate property, the percentage is as follows:
Agricultural 12 Percent
Residential 19 Percent
Commercial 32 Percent
Residential 32 Percent
The rating (or percentage) used is based on the USAGE of the property, not how the property is zoned. Both the USAGE and the APPRAISED value determined by the Franklin County Assessor’s office.
The schedule shows the total assessed valuation of taxable property for the City of Union over the last years as well as the current year’s valuation.
PERSONAL PROPERTY TAX
The valuation of personal property is provided by the Franklin County Assessor’s office.