Real Estate Analysis and Commentary

February 9th, 2023 2:51 PM
Property taxes almost always depend on what your property is worth. If you’re wondering how, exactly, they’re calculated, we have some insight to share with you.

Mill Rate

To calculate property taxes, cities, counties, and even school districts combine their own levies to work out a total tax rate for a region, which is called a mill rate.

The mill rate is multiplied by the assessed value of your property.

The more valuable your property is, the higher your property taxes are likely to be.

Property Values

Land and structures have different values attached to them. For example, vacant land without a house or a building will have a lower assessed value than a comparable piece of land that has a 4-unit apartment building on it.

Property improvements will also impact value. The upgrades and updates you made in order to raise your rental value will also raise your property value and your taxes.

Posted in:Real Estate and tagged: Taxes
Posted by Bob Peterson on February 9th, 2023 2:51 PMPost a Comment

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