How Property Tax Is Calculated
Assessed Value = Market Value × Assessment Ratio
Taxable Value = Assessed Value − Exemptions
Annual Tax = Taxable Value × Tax Rate
Frequently Asked Questions
What is an assessment ratio? Some jurisdictions only tax a percentage of your home's market value. For example, a 80% ratio on a $300,000 home means you're taxed on $240,000.
What is a mill rate? A mill rate is another way to express property tax: 1 mill = $1 per $1,000 of assessed value. A 10 mill rate = 1% tax rate.
How can I lower my property taxes? Appeal your assessment if you believe it's too high, apply for all eligible exemptions (homestead, senior, veteran), and check that your property records are accurate.