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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.
Calculating Property Taxes. The way that property taxes are calculated would be through the use of the mill levy and the assessed property value. Mill Levy or Millage Tax. The mill levy is simply the tax rate levied on your property value, with one mill representing one tenth of one cent.