How are property taxes calculated?

@issac.schaden 

Property taxes are calculated based on the appraised value of a property and the tax rate set by the local government. The process generally involves the following steps:

1. Property Appraisal: The local government assesses the value of the property through an appraisal process. This is typically done by professional assessors who consider various factors like the property's size, location, condition, improvements, and recent sales of similar properties.
2. Determining the Assessed Value: Once the property is appraised, the local government calculates the assessed value, which is often a percentage of the appraised value. This percentage varies by jurisdiction but is typically around 80-90% of the appraised value.
3. Applying the Tax Rate: Next, the tax rate is applied to the assessed value. The tax rate is determined by the local government based on its budgetary needs to fund public services such as schools, police, fire departments, roads, and infrastructure.
4. Calculation of Property Tax: The final step involves multiplying the assessed value by the tax rate to determine the property tax owed. For example, if the assessed value is $200,000 and the tax rate is 1.5%, the property tax would be $3,000 ($200,000 * 0.015).

It's important to note that property tax rates can vary significantly between different cities, counties, or states, and can be subject to local laws and regulations. Additionally, property tax assessments are usually conducted periodically, and the assessed value and tax rate can change over time, potentially impacting the tax amount.