The values of Lawrence homes may not be increasing as they once did, but chances are Lawrence residents will be paying more in property taxes this year anyway.

For that, they have to thank the highest Lawrence property tax mill levy in at least the last 10 years. When you add together the recently approved city, county, school district and state property tax mill levies, Lawrence residents will be charged 118.49 mills in 2008. That’s up from 115.84 mills in 2007.

But in terms of actual dollars and cents, the amount of increase likely will not be as much in past years. That’s because of the slower than average increases in property values, which are half of the equation in determining your total property tax.

Historically, the value of homes has increased by 6 percent to 8 percent, on average. This year, home values have, on average, remained steady.

Home values have a large impact on total property taxes paid. To see how large, look at the graphic above that shows how taxes and property values have grown on an average home from 1998 to today.

Taxes for a home valued at $100,000 in 1998 have increased by 130 percent over the last 10 years, in part because of higher mill levies but also because the value of the home has increased by 87 percent over the decade.

All those numbers are based on the percentage increase in the city’s assessed valuation for each of the last 10 years.

The increases could be slightly higher than the average homeowner has experienced because new growth also boosts the city’s overall assessed value. But the numbers are the best available, and will closely represent what many homeowners have experienced.

Tax bills for this year should arrive in the mail by Thanksgiving.