Each county’s team of assessors use a variety of methods to appraise all taxable property at 100% of its true and fair market value. Market value is defined by the assessor as the monetary amount a willing and unobligated buyer would be willing to pay an unobligated seller for a specific property. This value is calculated by using one or more of the following appraisal methods: market or sales comparison, cost approach, and income capitalization approach for income producing properties.

The assessed value will also factor in any potential exemptions or reductions. Typically the assessed value is lower than the market value. In a situation where the county assessed value is higher than the market value, property owners have a strong case for an appeal.

To calculate your tax liability, you will need to know the assessed value of your property as well as the local county levy rate. While the assessed value will be included in the property value notice sent by the county, the levy rate is not always included. The levy rate is assigned by the county assessor’s office and can be found on their website. You can calculate your property tax liability by using the formula below.