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Calculate Real Property Taxes
How Real Property Taxes Are Calculated
This example illustrates a residential property in the City of Bryan with a market value of $100,000. Please note that tax rates vary between taxing districts and the rates, reductions and credit %s used in this example are specific to properties in the Bryan City taxing district. Use the following steps:
- To compute the taxable or assessed value, multiply the market value (1) times 35%.
- To compute the gross taxes, divide the taxable rate ($81.45) by 1000 and multiply the factor by the taxable value ($35,000).
- Multiply the gross taxes by the reduction factor of 30.9931% to compute the tax reduction.
- Subtract the tax reduction from the gross taxes to compute the taxes before the Non-Business and Owner Occupancy
- credits.
- Multiply the total from step (5) by 8.2425% to compute the Non-Business Credit.
- Multiply the total from step (5) by 2.0606% to compute the Owner Occupancy Credit.
- Subtract the amounts computed in steps (6) and(7) from the total computed in step (5) to compute the net taxes due.
Sample: Bryan City Voted Millage = $81.45
Taxes & Reductions |
Formula | Amount |
---|---|---|
1. Market Value of Property |
$100,000 |
|
2. Taxable Value |
(35% of Market Value) |
$35,000 |
3. Gross Real Estate Taxes |
($35,000 x .08145) |
$2,851 |
4. Less: Tax Reduction |
($2,851 x 30.9931%) |
($884) |
5. Subtotal |
$1,967 |
|
6. Less: Non-Business Credit |
($1,967 x 8.2425%) |
($162) |
7. Less: 2 1/2% Owner Occupancy Credit |
($1,967 x 2.0606%) |
($41) |
8. Net Taxes Due |
$1,764 |