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").
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Pro Tip
You can often appeal your property tax assessment if you believe your home's assessed value is too high. Roughly 30–60% of successful appeals result in reduced taxes.
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Did You Know?
Property taxes fund about 45% of all K-12 public school spending in the US. This creates significant inequality between wealthy and low-income communities — a district with $1M homes generates far more school funding per student than one with $100k homes.
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