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How to Calculate Real Estate Tax

1.

Contact your local department of revenue to determine the real estate tax rates (you may have multiple rates for your county, municipality and school district) and the assessment rate. The county generally assesses the property and all three taxes use that value for calculating your tax bill. The assessed rate is the percentage of your property's value that the tax is imposed upon. For example, one county may have an assessment rate of 50 percent, meaning you would only pay the real estate tax on 50 percent of your property value.

2.

Add the total of all of the real estate taxes your property is subject to. For example, if there is a 0.8 percent county tax, a 0.3 percent municipality tax and a 0.1 percent school district tax, you would add 0.8 plus 0.3 plus 0.1 to find that your total real estate tax would be 1.2 percent.

3.

Divide the total real estate tax rate expressed as a percentage by 100 to convert it to a decimal. For example, if the real estate tax rate was 1.2 percent, you would divide 1.2 by 100 to get 0.012.

4.

Multiply the assessment rate times the value of your property. For example, if your real estate was worth $394,000 and the assessment rate was 50 percent, you would multiply $394,000 by 0.5 to find that you would be assessed property taxes on a value of $197,000.

5.

Multiply the taxable value of your property by the real estate tax rate expressed as a decimal. For example, if your property had a taxable value of $197,000, you would multiply $197,000 by 0.012 to find your real estate tax bill would be $2,364.

Tips and Warnings

  • You can deduct all of your real estate taxes if you itemize your deductions on your tax return.


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