How Property Taxes are Calculated

Your property taxes are determined by multiplying the tax rate (set by local government taxing entities) by the assessed or taxable value of your property.

Calculate Your Property Taxes

  • Actual Value x Assessment Rate = Assessed Value
  • Assessed Value x Mill Levy = Taxes

Example Using a $300,000 Residence and 100 Mills Levy

  • $300,000 X 7.15% = $21,450
  • $21,450 X 0.100 = $2,145.00 total taxes

If the total mill levy is 100 mills and using the residential assessment rate of 7.15% and a non-residential assessment rate of 29%, annual taxes would be:

  • For residential property - $7.15 per $1,000 of value.
  • For non-residential property - $29 per $1,000 of value.

However, taxes for like-valued properties will vary based on the specific mill levy for the tax district where the property is located.