Here is a better explanation from https://www.investopedia.com/articles/pf/07/property_tax_tips.asp https://www.investopedia.com/articles/pf/07/property_tax_tip

Here is a better explanation from https://www.investopedia.com/articles/pf/07/property_tax_tips.asp https://www.investopedia.com/articles/pf/07/property_tax_tip... > In order to come up with your tax bill, your tax office multiplies the tax rate by the assessed value. So, if your property is assessed at $300,000 and your local government sets your tax rate at 2.5%, your annual tax bill will be $7,500.