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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 Rollback Taxes. Rollback taxes are calculated by determining the difference between property taxes incurred at the previous rate and the new land-use rate. In South Carolina, for example, this is done for the year of the change in land use and for the five previous years. Therefore, rollback taxes would be incurred for a six-year period. Whether rollback taxes are applied and to what extent varies from jurisdiction to jurisdiction. Be sure to check with your own state to determine how rollback property taxes are calculated.