# Smartacus Study Sheet: Property Taxes

• Market Value is an estimate of the price of property if it were sold.
• Assessed Value is a percentage of the market value of property.
• Property Tax is the tax levied on property using one of the methods described below.

## Finding Assessed Property Values:

• The assessment rate is expressed as a percentage
• Given the assessed value, market value, and assessment rate for a piece of property:

Assessed Value = (Market Value) x (Assessment Rate)

## Property Taxes Using Assessment Rate:

• The tax rate is expressed as a percentage
• Given the assessed value for a property and the tax rate:

Property Tax = (Assessed Value) x (Tax Rate)

## Property Tax Using Mills:

• Mills, short for mills per \$1, is the amount of property tax per \$1000 of assessed value
• Given the assessed value for a property and the mills per \$1:

Property Tax = (Assessed Value) x (Mills per \$1)/\$1000

## Property Tax Using Rate Per \$100:

• Tax rate per \$100 is expressed as the amount of tax due for every \$100 of assessed value
• Given the assessed value for a property and the tax rate per \$100:

Property Tax = (Assessed Value) x (Rate per \$100)/\$100

## Property Tax Using Rate Per \$1000:

• Tax rate per \$1000 is expressed as the amount of tax due for every \$1000 of assessed value
• Given the assessed value for a property and the tax rate per \$1000:

Property Tax = (Assessed Value) x (Rate per \$1000)/\$1000