Definition
The percentage or mill rate applied to assessed value to calculate annual property tax amount.
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Tax rates vary by jurisdiction from under 0.5% to over 2% of property value. Combined with assessed value to determine annual tax bill.
Pro Tip
Compare tax rates across locations; significant variation can affect long-term property ownership costs.
Example
Property tax rate of 1.2% on $350,000 assessed value equals $4,200 annual property tax.