Property taxes are calculated on nearly every real estate purchase. Taxes and assessments are encumbrances on real-estate property and will cloud titles, so make sure to pay your taxes on time.

Property taxes are what’s called Ad Valorem meaning they are calculated according to it’s value. So if you have a million dollar mansion, the taxes will be far more then a piece of vacant land in a rural area. There are special assessment taxes but those are an entirely different beast.

Determining the tax rate: Per 100 dollars of assesed value

  1. You need the assessed value
  2. You need the tax rate
  3. You need to know whether it is taxed per 100 or 1000 (mill)

 

  1. So you look up your property in the tax record and find out it has an assessed value of $110,000

 

 

2. You type in on Google tax rate followed up by your county

  • Make sure that if you live in the city, you add the county and city tax rate
  • Lets say you have an tax rate of $900 for every $100

 

Divide the tax assessed value by $100 and times it by the tax rate which isĀ  $1.00

110,000/100 = 1100 * .9*.9 = $990

 

Mill Rate (Per $1000)

$150,000 and the mill rate is 7. 150,000/1000 = $150 * 7 Mill rate = 1050