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The formula to estimate your tax is: MARKET VALUE x 60% =
ASSESSED VALUE
ASSESSED VALUE x LEVY RATE = TAX Example of Class II (Owner-occupied) for City of
Fairmont:
$60,000 x 60% = $36,000 Assessed Value
$36,000 x 1.4914% (Class II Levy Rate for City of Fairmont) =
$536.90 TAX If you are entitled to Homestead Exemption, you
subtract $20,000 from the Assessed Value:
$36,000 - $20,000 (Homestead Exemption) = $16,000 Assessed
Value $16,000 x 1.4914 % = $238.62
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