How this number is made
Property tax is local. The rate here is the effective percent of taxable value, which you can take from last year’s bill. Assessed value is not always market value.
- If the bill says $3,850 on a $350,000 assessment, the rate is 1.1%.
- Exemptions, such as a homestead, belong in a lower value, not in a guessed rate.
Formula
Annual tax = taxable value × rate. Monthly = annual ÷ 12.
Worked example
With the figures already in the form, property tax per year is $3,850.
Questions
Is this the same as a mill rate?
Mills are per thousand. Ten mills are 1%. Divide the millage by 1,000 and you have the percent to type, once you are sure which value the mills apply to.
Will next year’s bill match?
Only if the value and the rate both hold. Reassessments change the value even when the rate falls.