State Property Tax Rate Calculation

Calculating State Property Tax Rate

Assume that you pay $2,849.84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state’s property tax rate?

To calculate the property tax rate, you can use the formula:

Property Tax Rate = Total Property Taxes Paid / Assessed Property Value

Plug in the values:

Property Tax Rate = $2,849.84 / $41,302

Now, perform the calculation:

Property Tax Rate = $2,849.84 / $41,302 = 0.069

Therefore, the state’s property tax rate is 0.069 or 6.9%.