Real state property tax
Real state property tax is a tax you will pay if you own a house or a property.
You need to understand the following two definitions
Market value: The selling price of a property
Assessed value: The assessed value is a percent of the market value
The state uses the assessed value of the property to find out how tax you will pay
Consider the following example
A House has a market value of 220,000. The assessed value of the house is 70%. If the tax rate is $2 per $100, how much is the property tax?
Assessed value = Market value × rate of assessment = 220,000 × 0.70 = 154000
The assessed value in hundreds is 154000/100
The assessed value is 1540 dollars
Property tax = assessed value × tax rate = 1540 × 2 = 3080 dollars
Here is a calculator to get the property tax
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