How to Calculate Home Property Taxes

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Property taxes are levied on land and buildings based on their value. They are typically levied by state and local governments, including school districts, as a major source of income. These taxes make up more than 30 percent of state and local revenues, according to the Money-Zine website. To calculate your home property taxes, you need to know the value of your home, the assessment rate and the tax rate.

  • Check with your county appraiser to determine the value of your home.

  • Multiply your home's appraised value by the assessment rate for your area. For example, if your area uses an 80 percent assessment rate and your home is appraised at $290,000, you would multiply $290,000 by .80 to get $232,000. This is the taxable value of your home.

  • Add the property tax rates for all the property taxes your home is subject to. For example, if your county imposes a 0.8 percent tax and your school district imposes a 0.4 percent tax, your total tax rate would be 1.2 percent.

  • Multiply the taxable value of your home by your total tax rate to calculate your total home property tax. Finishing the example, you would multiply 0.012 by $232,000 to find your property tax bill would be $2,784.

References

  • Photo Credit home sweet home image by David Dorner from Fotolia.com
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