Calculate the property tax: 15/1000 x 500,000 = $7,500. The final property tax is $7,500. Factors that Affect Property Taxes. There are several factors that impact your property taxes.

For example, if the local tax rate is $10 per $1,000 of property value and you get a property tax bill for $3,000, you can divide $3,000 by ($10 / $1,000) to calculate an assessed value of $300,000.

To calculate your property tax, multiply the property’s assessed value by the mill rate. If there are any voter-approved levies or assessments, these will be added to the property tax amount.

Tax rates vary by location and typically range from 0.5% to 2.5% of assessed property value. Higher rates often correlate with better public services and school systems. Communities with extensive ...

When it comes to property taxes on your home, you want to pay the lowest amount possible. Find out how to calculate property taxes and ways to lower your bill.