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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.
How to calculate tax on house property income. If you own more than one property, then only one house of your choice will be considered as self-occupied and others will be considered as let out or Deemed to be let out. Income from house property is one among the taxable heads of income as per the Income Tax act.