Learn how property taxes are calculated, including assessed value, exemptions, and tax rates by state.
While there is no one-size-fits-all approach to calculating property taxes, in every state, your property's assessed or fair market value is used to establish the initial value that your property will be taxed on. Depending on the state and/or your exemptions, you may receive an additional reduction to this value before the tax or levy/millage rate is factored in.
Typically, you can find the tax or levy/millage rate on your property assessment notice or on the county appraisal district's website.
Once you have your assessed or fair market value (minus any applicable exemptions or reductions) and the tax or levy/millage rate, convert this rate into a percentage if it hasn't been converted already, and then multiply your assessed value by the tax rate.
This will give you the dollar amount you owe in taxes.
Below are a few examples of how property taxes are calculated in various states:
How to Calculate Property Taxes in Texas
Assessed Value - Exemptions = Taxable Value
Taxable Value x Tax Rate = Property Tax Total
How to Calculate Property Taxes in Georgia
Fair Market Value x 40% = Assessed Value
Assessed Value - Exemptions = Taxable Value
Taxable Value x Tax Rate = Taxes Due
How to Calculate Property Taxes in Washington
Assessed Value x Levy Rate =Tax Liability
Assessed Value = Value determined by the county assessor
Levy Rate = Dollar amount per $1,000 of assessed value
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