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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.
How property taxes are calculated. You can calculate the amount you pay in property taxes by multiplying. your property's taxable assessment (your assessment minus any exemptions). X. the tax rates for school districts, municipalities, counties and special districts.ax Owed = taxable assessment x tax rate. Tax rates are calculated by local jurisdictions. There are several steps involved in determining tax rates: 1  Taxing jurisdiction (school district, municipality, county, special district) develops and adopts a budget.