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.