Smartacus Study Sheet: Property Taxes

• Market Value is an estimate of the price of property if it were sold.
• Assessed Value is a percentage of the market value of property.
• Property Tax is the tax levied on property using one of the methods described below.

• The assessment rate is expressed as a percentage
• Given the assessed value, market value, and assessment rate for a piece of property:

  Assessed Value = (Market Value) x (Assessment Rate)

• The tax rate is expressed as a percentage
• Given the assessed value for a property and the tax rate:

  Property Tax = (Assessed Value) x (Tax Rate)

• Mills, short for mills per $1, is the amount of property tax per $1000 of assessed value
• Given the assessed value for a property and the mills per $1:

  Property Tax = (Assessed Value) x (Mills per $1)/$1000

• Tax rate per $100 is expressed as the amount of tax due for every $100 of assessed value
• Given the assessed value for a property and the tax rate per $100:

  Property Tax = (Assessed Value) x (Rate per $100)/$100

• Tax rate per $1000 is expressed as the amount of tax due for every $1000 of assessed value
• Given the assessed value for a property and the tax rate per $1000:

  Property Tax = (Assessed Value) x (Rate per $1000)/$1000

Get More Help!

Click one of these links to get more help from another Cramlet in this same chapter:

• Smartacus Study Sheet: Property Taxes
• Bottomless Worksheet of Value-Added Tax
• Bottomless Worksheet of Rate Per $1000
• Bottomless Worksheet of Rate Per $100
• Bottomless Worksheet of Mills
• Bottomless Worksheet of Assessment Rate
• Bottomless Worksheet of Assessed Values
• Property Tax Using Rate Per $1000
• Property Tax Using Rate Per $100
• Property Tax Using Mills
• Property Tax Using Assessment Rate
• Finding Assessed Property Values
• Calculating Value-Added Tax
• Excise Taxes: Study Sheet
• Calculating Value-Added Tax: Bottomless Worksheet
• Calculating Sales Tax: Bottomless Worksheet
• Calculating Sales Tax