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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.
After determining market value for the property, the assessed value will be determined by taking the actual value of the property and multiplying it by an assessment rate. The assessment rate is a uniform percentage and varies by tax jurisdiction, and could be any percentage below 100%.After getting the assessed value, it is multiplied by the mill levy to determine your taxes due. For example, suppose the assessor determines your property value is $500,000 and the assessment rate is 8%.The assessed value would be $40,000. Now taking the mill levy of 4.5% we calculated previously, the tax due would be $1,800 ($40,000 x 4.5%).fter determining market value for the property, the assessed value will be determined by taking the actual value of the property and multiplying it by an assessment rate. The assessment rate is a uniform percentage and varies by tax jurisdiction, and could be any percentage below 100%.