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How to Figure Out Property Taxes on Your Home

1.

Talk with your tax assessor's office. Request the "assessed value" of your home. This value is different than the market value of your home, which is the sales price. Also, ask the tax assessor for the current tax rate. Tax rates can also be found online at your state department of revenue website. This rate will determine your annual tax liability.

2.

Ask if you qualify for exemptions. Your county may provide tax exemptions if you meet certain criteria. For example, people who struggle with permanent disabilities may qualify. Getting approved for this exemption will reduce your tax liability. However, it doesn't usually waive it. For example, if your state department of revenue grants a $500 exemption, subtract this from your total tax liability. If your tax liability (before exemption) is $1,500, you would owe $1,000 after the exemption.

3.

Calculate the property taxes on your home. Once you have the assessed value and tax rate, you can calculate your property tax liability by multiplying the assessed value by the tax rate. For example, a home with an assessed value of $150,000 and a tax rate of 1 percent, would owe $1,500 ($150,000 multiplied by .01).

4.

Check your tax rate annually. Tax rates have the ability to change annually. Contact your tax assessor's office each year to ensure you're using the most accurate rate for your calculation.

Tips and Warnings

  • If you're purchasing new property, a real estate agent is a good resource. They typically have property tax information from the previous year.
  • If the assessed value of your home is much lower than the current market value, don't stress out. This is very common. From a tax perspective, you want the value to be lower; it means less taxes.


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