As property taxes continue to climb across the country, lawmakers in Florida, Illinois, Kansas, Ohio, Pennsylvania, and Texas are looking for ways to provide property tax relief to homeowners, while Montana has established property tax relief.

What are property taxes, and how are they calculated?

Homeowners across the country pay property taxes levied by cities, counties, and school districts, based on the assessed value of their property.

The assessed value is not always the same as the home’s market value, and it varies by state.

Dig deeper:

Calculating Property Taxes

Property taxes are calculated by a formula:

Assessed value of the home × Tax Rate (also referred to as the mill rate – or millage rate) = Property Tax

Example

$300,000 x 1.00% = $3,000

Millage rates vary from stat

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