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Take your total property tax rate and multiply it by the value of the property you are dealing with. The answer you get is the amount of money you owe in property tax. 1  Don't forget that, to multiply a percentage, you must either first change the percentage back to its decimal form or else divide your answer by 100. 2  In our example, our total property tax rate is 6% and our property is worth $664,000.
Calculating Property Taxes. Your property's assessment is then multiplied by the local tax rate, sometimes called a millage rate or mill rate. One mill equals one-tenth of one cent, or $1 for every $1,000 of a property's value. Different governments can charge varying mill rates. Rarely is anyone's property tax based on just one mill.