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.result-value { font-size: 24px; font-weight: 800; color: #2d3748; }
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@media (max-width: 600px) {
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}
Assessed Property Value
$350,000.00
Annual Property Tax
$4,200.00
Estimated Monthly Tax
$350.00
How Property Tax is Calculated
Property tax is a primary source of revenue for local governments, used to fund public services such as schools, road maintenance, police departments, and fire protection. Understanding how your bill is calculated is crucial for homeowners and prospective buyers.
The Formula
Most jurisdictions use a simple calculation to determine your tax liability. The basic formula used by this calculator is:
(Market Value × Assessment Ratio) × Tax Rate = Annual Property Tax
Key Terms to Know
- Market Value: The estimated price your property would sell for in the current real estate market.
- Assessment Ratio: A percentage applied to the market value to determine the "assessed value." While many areas use 100%, some counties might only tax a portion (e.g., 80%) of the market value.
- Millage Rate: Often property taxes are expressed in "mills." One mill is equal to $1 of tax for every $1,000 of assessed value. A tax rate of 1.2% is equivalent to 12 mills.
Real-World Example:
If your home is worth $400,000, your local assessment ratio is 90%, and your tax rate is 1.5%:
1. Assessed Value: $400,000 × 0.90 = $360,000
2. Annual Tax: $360,000 × 0.015 = $5,400 per year
3. Monthly Cost: $5,400 / 12 = $450 per month
Why Do Property Taxes Change?
Your property tax bill can fluctuate for several reasons. If your local government passes a new bond for a school or park, the tax rate (millage) may increase. Alternatively, if property values in your area rise, the tax assessor may increase your home's assessed value during the next cycle, leading to a higher bill even if the rate stays the same.
It is important to check for homestead exemptions or senior citizen discounts, which can significantly lower the taxable value of your primary residence.
function calculatePropertyTax() {
var homeValue = parseFloat(document.getElementById('pt_home_value').value);
var taxRate = parseFloat(document.getElementById('pt_tax_rate').value);
var assessmentRatio = parseFloat(document.getElementById('pt_assessment_ratio').value);
// Validation
if (isNaN(homeValue) || homeValue <= 0) {
alert('Please enter a valid home value.');
return;
}
if (isNaN(taxRate) || taxRate < 0) {
alert('Please enter a valid tax rate.');
return;
}
if (isNaN(assessmentRatio) || assessmentRatio 100) {
alert('Assessment ratio should be between 1 and 100.');
return;
}
// Calculation Logic
var assessedValue = homeValue * (assessmentRatio / 100);
var annualTax = assessedValue * (taxRate / 100);
var monthlyTax = annualTax / 12;
// Formatting Results
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
});
document.getElementById('res_assessed_val').innerText = formatter.format(assessedValue);
document.getElementById('res_annual_tax').innerText = formatter.format(annualTax);
document.getElementById('res_monthly_tax').innerText = formatter.format(monthlyTax);
}