Property Tax Calculator – Introduction

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What is a property tax?

Property tax is also sometimes known as the millage tax or a house tax & it is a tax which is levied on the property. This is levied so that the owner can pay the required amount. Generally property tax is imposed by the Governing Authority of that jurisdiction where the property is situated. In addition to this, the property tax should be paid to the national or state or provincial or regional or county or the municipality government. Furthermore, a number of jurisdictions may come forth to tax the same old property.

Property Tax Calculator

Value of the Land: Rs
Improvements: Rs
Government Tax: %
Local city Tax: %
Local District Tax: %
Property Tax: Rs

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Types of property

When it comes to property tax then a property is divided in the following manner – (1) land (2) immovable property (3) personal property (4) intellectual property. When it comes to real property, it means that it is a combination of land along with improvements. At times this real property is also known as real estate or realty for that matter.

What is property tax system?

As per the property tax system, a government would have to perform an appraisal of every property’s monetary value. That is when tax is assessed; as it is based on that value. Moreover, the forms of property tax could vary as it depends on not only the countries but also the jurisdictions. One has to keep the fact in mind that the properties are taxed at diverse rates as a property is divided in to classes or categories. These various classes of a property have been listed here as well – residential / industrial / commercial / vacant real property.

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Property tax rate

When it comes to the property tax rate then it is usually given as a percentage. In addition to this, the property tax rates besides the valuations & the assessment rules are based on the jurisdiction.

How to calculate property tax?

As stated above property taxes are those taxes which are calculated by the municipalities in order to raise operating revenue for both town & the city. At times even the states levy these property taxes.

Formula to calculate property tax online

In order to calculate property tax, the following steps are to be followed as they are the formulae used to calculate property tax.

\( \Rightarrow total \, value \, of \, property \, = \, value \, of \, the \, land \, + \, improvements\)

\( \Rightarrow \, check \, current \, local \, government^{‘}s \, tax \, rate\)

\( \Rightarrow \, also\, check\, the\, property\, tax\, rate\, from\, the\, local\, agencies\)

\(\Rightarrow \, add\, the\, tax\, rates\)

\(\Rightarrow \,multiply\, the\, tax\, rate\, by\, property\, value\, to\, get\, the\, result\)

How to use an online property tax calculator?

In order to make use of the online property tax calculator which of course is a free calculator then you will have to enter the following details in the fields marked for them. Firstly enter the market value of the property followed by the assessed value of the same property. In the following field, an individual will be required to enter tax rate. When the details are mentioned click on the calculate tab to know the property tax. However, one can also click on reset tab to re – enter the details.