Property tax rates are based on mills and are assessed through a mill levy. One mill is equivalent to one dollar for every thousand dollars of assessed property value.
To calculate your estimated property tax bill, you need to know the approximate appraised value of your property. The total value of the house is then multiplied by 11.5% for residential property, or 25% for commercial/industrial property, to determine the assessed property value.
Therefore, a house appraised at $100,000 would have an assessed value of $11,500 ($100,000 X 11.5%). The City’s portion of the property tax on this house would be $592.70 ($11,500/1,000 X 51.539).