Actual Value x Assessment Rate = Assessed Value
Assessed Value x Mill Levy = Property Tax
For example, take a residential property with an actual value of $300,000. To derive the assessed value, multiply the actual value by the assessment rate: $300,000 x 6.765% = $20,295.
Then, multiply the assessed value by the mill levy (for this example, we’ll use 50 mills or .050 in decimal form) to determine the property tax: $20,295 x .050 = $1,014.75.