Property taxes are generally charged in relation to the assessed value of the property. Taxable value is the assessed value of property minus the amount of any tax exemptions. The tax due is calculated by multiplying the taxable value by the tax rate. The tax rate -- stated in mills -- is set by the taxing authority for the governmental unit within which the property is located. A mill is one dollar per thousand dollars. For example, a tax rate of eight mills is a tax of eight dollars for each one thousand dollars of taxable value of the property. According to the American Housing Survey data the median annual taxes per $1,000 value averages $12.
The proposed tax bill is mailed to the taxpayer, usually in August or September. If you don't agree with the tax assessment you may file an appeal against this notice with the appropriate assessment appeals board. The actual tax bill is mailed to the taxpayer, usually by November 1. There are discounts for early payment and penalties for delinquency.
