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Property Tax Rate Calculator

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Important Formulas of Mortgage and Real Estate

✖Assessed Value is the amount assigned to a property by a tax assessor for taxation purposes.ⓘ Assessed Value [AV]			+10% -10%
✖Mill Rate is a property tax rate expressed in mills (thousandths of a dollar), representing the amount of tax per dollar of assessed value.ⓘ Mill Rate [MR]			+10% -10%

✖Property Tax Rate is the percentage at which a property's assessed value is taxed annually by the local government.ⓘ Property Tax Rate [PTR]

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Property Tax Rate Solution

STEP 0: Pre-Calculation Summary

Formula Used

Property Tax Rate = Assessed Value*Mill Rate
PTR = AV*MR
This formula uses 3 Variables

Variables Used

Property Tax Rate - Property Tax Rate is the percentage at which a property's assessed value is taxed annually by the local government.
Assessed Value - Assessed Value is the amount assigned to a property by a tax assessor for taxation purposes.
Mill Rate - Mill Rate is a property tax rate expressed in mills (thousandths of a dollar), representing the amount of tax per dollar of assessed value.

STEP 1: Convert Input(s) to Base Unit

Assessed Value: 35600 --> No Conversion Required
Mill Rate: 0.001 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

PTR = AV*MR --> 35600*0.001

Evaluating ... ...

PTR = 35.6

STEP 3: Convert Result to Output's Unit

35.6 --> No Conversion Required

FINAL ANSWER

35.6 <-- Property Tax Rate

(Calculation completed in 00.004 seconds)

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Created by Keerthika Bathula

Indian Institute of Technology, Indian School of mines, Dhanbad (IIT ISM Dhanbad), Dhanbad

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< Mortgage and Real Estate Calculators

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Cost Approach Appraisal

LaTeX Go Property Value = Reproduction Cost-Depreciation+Value of Land

Vacancy Rate

LaTeX Go Vacancy Rate = (Vacant Units in the Building*100)/Total Units in the Building

Gross Income Multiplier

LaTeX Go Gross Income Multiplier = Property Sale Price/Effective Gross Income

Property Tax Rate Formula

LaTeX Go

Property Tax Rate = Assessed Value*Mill Rate
PTR = AV*MR

What is Property Tax Rate ?

The property tax rate refers to the percentage at which a property's assessed value is taxed annually by the local government. This rate is a pivotal factor in determining the amount of tax a property owner must pay and is often expressed in terms of "mills," with one mill equaling one-tenth of one cent or $1 of tax per $1,000 of assessed value. Property tax revenue funds essential public services and infrastructure projects, with the rate typically set by local government authorities and subject to change based on budgetary needs and economic conditions.

How to Calculate Property Tax Rate?

Property Tax Rate calculator uses Property Tax Rate = Assessed Value*Mill Rate to calculate the Property Tax Rate, The Property Tax Rate is the percentage at which a property's assessed value is taxed annually by the local government. Property Tax Rate is denoted by PTR symbol.

How to calculate Property Tax Rate using this online calculator? To use this online calculator for Property Tax Rate, enter Assessed Value (AV) & Mill Rate (MR) and hit the calculate button. Here is how the Property Tax Rate calculation can be explained with given input values -> 35.6 = 35600*0.001.

FAQ

What is Property Tax Rate?

The Property Tax Rate is the percentage at which a property's assessed value is taxed annually by the local government and is represented as PTR = AV*MR or Property Tax Rate = Assessed Value*Mill Rate. Assessed Value is the amount assigned to a property by a tax assessor for taxation purposes & Mill Rate is a property tax rate expressed in mills (thousandths of a dollar), representing the amount of tax per dollar of assessed value.

How to calculate Property Tax Rate?

The Property Tax Rate is the percentage at which a property's assessed value is taxed annually by the local government is calculated using Property Tax Rate = Assessed Value*Mill Rate. To calculate Property Tax Rate, you need Assessed Value (AV) & Mill Rate (MR). With our tool, you need to enter the respective value for Assessed Value & Mill Rate and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

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