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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.
The net assessed value, or the amount to which the actual tax rate is applied, is the product of the full cash value multiplied by an assessment ratio that varies by property class. Arizonaâs property tax system classifies property according to its usage. Each class of property is assigned an assessment ratio, ranging from 1 percent to 25 percent. The assessment ratios are applied to both primary and secondary values of a property and determine the propertyâs net assessed value.