Compute annual property tax as assessed value × mill rate ÷ 1000, plus a monthly equivalent.
Overview
Property tax is often quoted in mills: dollars of tax per $1,000 of assessed value.
Enter assessed value and mill rate. Annual tax = assessed × mills ÷ 1000; monthly is annual ÷ 12.
Assessed value may differ from market price. Use the assessment on your tax bill for the closest estimate.
Steps
Value used by the taxing authority.
Mills per $1,000 of assessed value.
Review annual and monthly property tax.
Swap mill rates when shopping locations.
Include tax with mortgage and insurance.
Math
annualTax = assessedValue × millRate / 1000
One mill equals $1 of tax per $1,000 of assessed value.
Worked cases
350,000×18/1000 = $6,300
$6,300/year (~$525/mo).
350,000×25/1000 = $8,750
$8,750/year.
275,000×18/1000 = $4,950
$4,950/year.
Why use this
Questions