| Calculators |
 | |  | |  | |  | |  | |  |
The tax rate, mill rate, or millage is expressed by the taxing authority as mills per dollar. This rate is applied to the assessed
value to determine the property tax for the property.
Calculating the tax
Real Estate Property Tax
Land Value (+) Improvement Values (=) Appraised Value
Appraised Valued ____________
Assessment Ratio (x) ____________
Assessed Value (=) ____________
Tax Rate (x) ____________
Tax (=) ____________
Tangible Personal Property Tax
Cost (x) Depreciation Factors (=) Depreciated Value
Depreciated Value ____________
Assessment Ratio (x) ____________
Assessed Value (=) ____________
Tax Rate (x) ____________
Tax (=) ____________
Cost (x) Depreciation Factors (=) Depreciated Value
Depreciated Value ____________
Assessment Ratio (x) ____________
Assessed Value (=) ____________
Tax Rate (x) ____________
Tax (=) ____________
Calculating Property Tax
To calculate real estate taxes or tangible personal property taxes, there is certain information you must
know. The information you must find is the appraised value of the property, the assessment ratio, and
the tax rate (sometimes referred to as the millage rate). This information can be obtained from your
taxing authority. The County and the City are the taxing authorities in most cases.
The appraised value of the real estate is the combined values of the land, buildings, and other
improvements.
The appraised value of the tangible personal property is the depreciated value of the cost of the
furniture, fixtures, and equipment by year of acquisition using the taxing authority’s depreciation factors.
The assessment ratio is a percent factor applied to the appraised value to determine the assessment
or assessed value. In some states the assessment ratio is at 100% meaning that the appraised value
and the assessed value are one in the same.
To calculate real estate taxes or tangible personal property taxes, there is certain information you must
know. The information you must find is the appraised value of the property, the assessment ratio, and
the tax rate (sometimes referred to as the millage rate). This information can be obtained from your
taxing authority. The County and the City are the taxing authorities in most cases.
The appraised value of the real estate is the combined values of the land, buildings, and other
improvements.
The appraised value of the tangible personal property is the depreciated value of the cost of the
furniture, fixtures, and equipment by year of acquisition using the taxing authority’s depreciation factors.
The assessment ratio is a percent factor applied to the appraised value to determine the assessment
or assessed value. In some states the assessment ratio is at 100% meaning that the appraised value
and the assessed value are one in the same.