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Take your total property tax rate and multiply it by the value of the property you are dealing with. The answer you get is the amount of money you owe in property tax. 1  Don't forget that, to multiply a percentage, you must either first change the percentage back to its decimal form or else divide your answer by 100. 2  In our example, our total property tax rate is 6% and our property is worth $664,000.
Assessment Ratio - different classes of property is established by state law (residential and farm @ 25% of appraised value, commercial/industrial @ 40% of appraised value). Assessment Value Assessment Value - is calculated by multiplying the appraised value by the assessment ratio. Tax Rate. Tax Rate - each county is set by the county commission based on the amount of monies budgeted to fund the provided services.