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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.
Therefore, if you have the property's tax assessed value and its assessment rate, you can calculate the FMV. Here's how it works. Say your property's tax assessed value is $80,000. If your assessment rate is 80 percent, then your home's FMV is $100,000 because $80,000 is 80 percent of $100,000.arning. 1  You could also get an estimate of your home's value from a real estate agent. 2  Real estate professionals have access to private industry databases with much more complete and recent data on them. 3  Bear in mind, though, that agents work on commissions from property sales.