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Property Tax and the Property Tax Rate

Property Tax and the Property Tax Rate. By the end of this lesson, you will be able to. Define terms relating to property taxes and the property tax rate. Calculate the property tax levied on property based on the assessed value

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Property Tax and the Property Tax Rate

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  1. Property Tax and the Property Tax Rate

  2. By the end of this lesson, you will be able to • Define terms relating to property taxes and the property tax rate. • Calculate the property tax levied on property based on the assessed value • Calculate the property tax rate levied on property based on the assessed value • Use Excel to do all of the above

  3. Assessed Rate Assessed Value Assessor Levied Market Value Mill Personal Property Property Tax Tax Tax Rate Important Terms

  4. Calculate tax levied on property pg. 251 • Multiply the market value by the assessed rate • $100,000 x 50% = 50,000 • Determine the number of 100s in the assessed value • $50,000 / 100 = 500 • Multiply the number of 100s by the tax rate per hundred to determine taxes due • 500 x 5.95 = $2975 taxes due

  5. Dollars per $1000 • Works just like Dollar per 100, except you divide by 1000 instead 100 • $149,000 assessed value / 1,000 = 149 • 149 x $3.80 per $1,000 = $566.20

  6. Convert a mill to a decimal • Mill = 1/1000 of a dollar • To convert mills to a decimal, divide the number of mills by 1000 22 mills / 1000 = .022

  7. Calculate tax rate • Divide the amount of money needed by the total assessed value of the property • $50,000,000 needed / $1,000,000,000 total property value = .05 or 5%

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