How to Figure Out Property Taxes from the Millage Rate
As long as you know your property's assessment and the millage rate, then you are able to find out your property tax amount for the year. Millage is a term used by local governments and it refers to the amount of property tax you must pay based on your home's assessed value. County governments set millage rates to ensure fair property taxes for each home. Millage rates can change over time, so you should find the current millage rate before trying to figure out your property taxes.
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Instructions
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Find out what your home is worth. Visit your county's property appraiser website and type in your home address. A page will pop up listing your home's assessed value. Alternatively, you can hire an independent appraiser to assess your home for a fee.
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Find out the millage rate in your area. You can find this amount by reading the property tax statement you received in the mail, or by contacting your county government center.
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Multiply the millage rate by your home's assessed value. For example, a $100,000 home at a 0.02 millage rate equals a $2,000 tax payment.
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Divide the tax payment by 12, since there are 12 months in a year. For example, $2,000 equals $166.66 due monthly.
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- Photo Credit A businessman calculating expenses at tax time image by Christopher Meder from Fotolia.com
