Property Tax Assessment Calculator
Calculate municipal assessed values from fair market values, apply assessment ratios, homestead exemptions, and millage rates to determine annual tax bills.
Assessed Tax Bill & Escrow
Assessment Ratio & Millage Formula
Assessed Value = Fair Market Value × (Assessment Ratio % ÷ 100) | Net Taxable Value = Assessed Value − Exemptions | Annual Tax = Net Taxable × (Millage Rate ÷ 1,000)- Fair Market Value (FMV): The estimated price the property would sell for on the open market.
- Assessment Ratio: The statutory percentage set by the municipality (e.g. 100% in TX/FL, 80% in OH, 40% in GA, 10% in IL).
- Millage Rate: Property tax rate expressed as tenths of a cent per dollar ($1 per $1,000 of assessed value = 1 mill).
Step-by-Step Worked Example
Calculation Steps:
How to Use This Calculator
Assumptions & Limitations
- 1 mill equals $1 in property tax per $1,000 of taxable assessed value.
Frequently Asked Questions
What is the difference between fair market value and assessed value?
Fair market value is what a buyer would pay for your home today. Assessed value is the valuation placed on the home by the county tax assessor, often adjusted by a statutory assessment ratio for taxation purposes.
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