Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
3y
You need to know what the mill rate is for that property tax office in order to compute the taxes; what you're being told is customary. You can't use a previous/historical property tax as a gauge. Go to the property appraiser's office for the county the property is located in to obtain the mill rate; they will most likely have a tax estimator option that you can actually do the calculation on right there.
Here's an article on mill rates and how they are used in property tax assessments:
You need to know what the mill rate is for that property tax office in order to compute the taxes; what you're being told is customary. You can't use a previous/historical property tax as a gauge. Go to the property appraiser's office for the county the property is located in to obtain the mill rate; they will most likely have a tax estimator option that you can actually do the calculation on right there.
Here's an article on mill rates and how they are used in property tax assessments:
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
3y
@Swetha Duvvuru A “Mill” is $1 per $1000 of value. (1/10 of 1%) Per Year. It’s an old archaic term/method still used for property tax rates. We just usually convert to a percentage.
Example:
Value $ 700k
Property tax rate: 10 mills
So….$10 per $1,000 of value ($700,000 equals 700, $1,000’s of value)
Calculation: $10 times 700 ($1,000’s of value)= $ 7,000/yr divided by 12= 583.33/mo
So…..you need to find out what the mill rate is for your local county/city.