Formula
The rate is the percent you type, not a lookup of a city millage:
Yearly tax = assessed value × rate
If your bill is quoted in mills, convert it to a percent before entering it. One percent is 10 mills.
Assumptions
- The assessed value is the number the rate applies to.
- Exemptions are already reflected in that value or ignored.
Worked example
A $350,000 assessed value at 1.2% is $4,200.00 a year.
Input definitions
- Tax rate
- The yearly percent of assessed value.
Limitations
This is an estimate, not a loan offer, tax filing, or investment advice. The currency control changes the symbol only.
Questions
Is assessed value the same as market value?
Not always. Use the value your tax rate applies to.
Does this include the mortgage?
No. It is only the tax on the assessed value.