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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").
ଷ୍ଟେପ୍-ଷ୍ଟେପ୍ ଗାଇଡ୍ |
- 1Assessed value = Market value × Assessment ratio (varies: 40–100% by jurisdiction)
- 2Mill rate is the tax per $1,000 of assessed value
- 3Annual tax = (Assessed value / 1,000) × Mill rate
- 4Many jurisdictions offer homestead exemptions that reduce assessed value
ସମାଧାନ ହୋଇଥିବା ଉଦାହରଣ
ଇନପୁଟ୍
$400,000 home, 80% assessment ratio, 15 mill rate
ଫଳ
$4,800/year
($400k × 0.80 / 1000) × 15
ଇନପୁଟ୍
$600,000 home, 100% assessed, 12 mills
ଫଳ
$7,200/year ($600/month)
Factor into mortgage budget
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