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Property tax is an annual tax on real estate assessed by local governments. It is calculated as: Property Tax = Assessed Value × Mill Rate / 1,000. The assessed value is often less than market value (a percentage called the "assessment ratio").

단계별 가이드

  1. 1Assessed value = Market value × Assessment ratio (varies: 40–100% by jurisdiction)
  2. 2Mill rate is the tax per $1,000 of assessed value
  3. 3Annual tax = (Assessed value / 1,000) × Mill rate
  4. 4Many jurisdictions offer homestead exemptions that reduce assessed value

풀어진 예시

입력
$400,000 home, 80% assessment ratio, 15 mill rate
결과
$4,800/year
($400k × 0.80 / 1000) × 15
입력
$600,000 home, 100% assessed, 12 mills
결과
$7,200/year ($600/month)
Factor into mortgage budget

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