Home
Back
Property Tax Formula:
| From: | To: |
A 100 mills property tax means the tax rate is set at 100 mills per dollar of assessed value. One mill equals 1/1000 of a dollar, so 100 mills equals 10 cents per dollar of assessed value, or 10% of the property's assessed value.
The calculator uses the property tax formula:
Where:
Explanation: This calculation determines the annual property tax based on the assessed value of the property at a fixed rate of 100 mills.
Details: Accurate property tax calculation is essential for homeowners budgeting for annual expenses, for real estate investors evaluating property costs, and for local governments that rely on property taxes as a primary revenue source.
Tips: Enter the assessed property value in dollars. The value must be greater than zero. The calculator will compute the annual property tax at a rate of 100 mills.
Q1: What is a mill rate?
A: A mill rate is the tax rate applied to the assessed value of property. One mill equals one-thousandth of a dollar, or $1 of tax per $1,000 of assessed value.
Q2: How does 100 mills compare to typical property tax rates?
A: 100 mills (10%) is a relatively high property tax rate. Most jurisdictions have rates between 5-50 mills (0.5%-5%), though rates vary significantly by location.
Q3: Is assessed value the same as market value?
A: Not necessarily. Assessed value is typically a percentage of market value determined by local tax assessors for taxation purposes.
Q4: Are there property tax exemptions available?
A: Many jurisdictions offer exemptions for primary residences, seniors, veterans, or disabled homeowners. Check with your local tax authority for specific exemptions.
Q5: How often are property taxes typically paid?
A: Property taxes are usually paid annually or semi-annually, though some jurisdictions may allow quarterly or monthly payments.