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How to Calculate Your Property Taxes

After income taxes, property taxes tend to be the most significant tax that you’ll pay during the year. Whether you’re buying a new home or experience a change in your financial situation, knowing how to calculate property taxes can help you prepare for the expenses you’ll incur during the year. Many state and local governments have their own way of calculating property tax bills for their residents. However, there is a general framework for calculating property taxes that’s commonly used throughout the country.

Property Taxes & FMV

In many cases, your local government will use the fair market value, or FMV, of each home located within its jurisdiction as the basis for calculating your property tax liability for your home. Generally, a specific government office, such as a county assessor, is responsible for levying and collecting property taxes from homeowners. One of their main duties is to periodically evaluate the market values of homes within the county. Fluctuations of real estate values can affect the assessed value of your home, which ultimately changes how you calculate property taxes.

Assessed Value of Home

The assessed value of a home is usually not the same as its fair market value. Instead, a home’s assessed value is generally equal to a fixed percentage of fair market value. Some states like New Jersey defines assessed value as a home’s market value, whereas New York uses a wide range of percentages – all of which are less than 100% of fair market value. This is because New York State allows its local governments to come up with the assessed value percentage for purposes of calculating property taxes on homes. Florida, however, takes an entirely different and uncommon approach. Rather than fixing a percentage, Florida takes each home’s fair market value and reduces it by a number of exemptions to arrive at the assessed value, which it refers to as a home’s “taxable value.”

Applying Property Tax Rates

Once the assessed value (or taxable value) of your home is calculated, you then need to consider your jurisdiction’s local property tax rate. Property tax rates can vary within a state depending on the tow, city, county or other local government. But in most cases, local governments establish the property tax rate based on projected budgets and the revenue needed to support various services to the community, such as schools and government offices. However, property taxes aren’t the only source of revenue that governments will consider, so homeowners don’t usually have the burden of being the sole source of tax revenue.

Calculating Property Taxes

The final step for calculating your property taxes is to multiply the tax rate by your home’s assessed value. Keep in mind, however, that some states publish property tax rates differently; with some expressed as a percentage and others expressed as the dollar amount for every $1,000 of your home’s assessed value.

Reference: NY State Dept. of Taxation and Finance: How Property Taxes Are Calculated