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How Property Tax is Calculated

How Property Tax is Calculated


Want the low-down on how Property Tax is calculated? Here it goes…

Property tax is tax based on the value of real property, such as counties, towns, villages, schools, road and other services for home owners. Your property tax is determined from your county and the jurisdictions in each county itself. Many people often wonder how to calculate your property tax and how it all works out.

Here are the steps of how it is calculated.

  • Taxing jurisdiction ( school district, municipality, county, special district,)
  • Taxing jurisdiction determines revenue from all sources other than the property tax( state aid, sales tax, user fees)
  • Revenues are subtracted from the budget and the remainder becomes the lax levy. The tax levy is the amount of the tax levy that is raised through the property tax.
  • To determine the tax rate, the taxing jurisdiction divides the lax levy by the total assessed value of all the property in the jurisdiction.
  • Because tax rates are generally expressed as “per $1,000” of taxable assessed value” the product is multiplied by 1,000.

Looking over your property taxes and knowing how they are calculated is always beneficial for managing your finances. 

 

Do you think you are paying too much in property taxes? Contact Property Tax Reduction Consultants today! We have helped tens of thousands of homeowners just like you save money, and get back millions of dollars in refunds from the towns, for overpaid property taxes. Our mission is to ensure you pay the lowest amount of taxes required by law.

 

For more information about Property Tax Reduction Consultants, visit hometaxsaver.com, or check out our Facebook Page, linked HERE

 

You count on one of the leaders in property tax challenges! For decades,  P.T.R.C., Inc. | Home Tax Saver, on Long Island has strived to minimize clients’ property tax assessment with personalized service. Customer service is our number one priority. Apply today! info@hometaxsaver.com


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As the leader in property tax challenges, the staff at Home Tax Saver is dedicated to assuring that our clients pay the lowest possible property tax as required by law!