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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.
Basically the unit calculates the tax in one of two forms: (1) it divides the figure for estimated expenditures by the taxable or assessed value of all property in its area. The result is the tax rate and may be expressed using mills or percentages or a dollar amount ($1 per $100).(2) It estimates the amount of revenue available from property tax levied at a rate specified in an ordinance or statute.he result is the tax rate and may be expressed using mills or percentages or a dollar amount ($1 per $100). (2) It estimates the amount of revenue available from property tax levied at a rate specified in an ordinance or statute.