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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.
Two things determine the amount of a property tax bill: the propertys assessed value and the tax rates of the taxing jurisdictions in which the property is located. The tax rate is determined by the amount of tax levy to be raised from all, or part, of a taxing district and the districts taxable assessed value. The assessment is determined by the assessor and is based on the market value of the property less any applicable property tax exemptions. Each year after the total assessed value is set, the assessor calculates tax rates based on taxing districts budget requests which are regulated by statutory limits.