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 you the tax or levy/millage rate on your property assessment notice or on the county appraisal districts website. 

Once you have your assessed or fair market value (minus any applicable exemptions or reductions) and the tax or levy/millage rate, covert 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 different examples of how property taxes are calculated in different a few different 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 county assessor

Levy Rate = Dollar amount per $1,00 of assessed value

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