How Are Your Home Property Taxes Calculated?

 

loan_programs_img

Property taxes are imposed on land and buildings based on their value. To calculate your home property taxes, you need to know the value of your home, the assessment rate and the tax rate. Check with your county appraiser to determine the value of your home.

  • Multiply your home’s appraised value by the assessment rate for your area. For example, if your area uses an 80% assessment rate and your home is appraised at $300,000, you would multiply $300,000 by .80 to get $240,000. This is the taxable value of your home.
  • Add the property tax rates for all the property taxes your home is subject to. For example, if your county imposes a 1% tax and your school district imposes a 0.5% tax, your total tax rate would be 1.5%.
  • Multiply the taxable value of your home by your total tax rate to calculate your total home property tax. Finishing the example, you would multiply 0.015 by $240,000 to find your property tax bill would be $3,600.

For complete mortgage loan program details and to find out if you qualify, contact us today at 888-488-3807 or go to www.OneTrustHomeLoans.com.

Like us on Facebook!

Read All of Our Amazing Client Success Stories

Read More