Understanding Property Taxes

Property taxes are calculated based on the assessed value of your property and local tax rates. The formula is typically:

Annual Property Tax = (Assessed Value - Exemptions) × Tax Rate

Assessed value is usually a percentage of market value determined by your local assessor. Tax rates combine county, city, school district, and special district levies.

Homestead exemptions can significantly reduce your tax burden if you qualify as a primary resident, senior citizen, veteran, or disabled person.