Question

Juan purchased a property for $420,000 and financed $336,000 of it. The assessed value of the property is $387,000. The property appraisal came in at $432,000. Which of these amounts is used in calculating the property tax?

Answer 1

When it comes to calculating property tax, the most relevant amount is the assessed value of $387,000.

When calculating property tax, the useful figures are:

• The assessed value of the house
• The Property tax rate

This assessment is arrived at in various ways but once it is arrived at, it is then multiplied by a figure known as the mill levy and the result will be the property tax.

In conclusion, the assessed value is most useful.

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