Calculating Taxes
Example
How to calculate your real estate taxes example:
- This example illustrates a residential property in the City of Bryan with a market value of $100,000.
- To compute the taxable or assessed value, multiply the market value (1) times 35%.
- To compute the gross taxes, divide the taxable rate ($79.45) by 1000 and multiply the factor by the taxable value ($35,000).
- Multiply the gross taxes by the reduction factor of 31.8178 to compute the tax reduction.
- Subtract the tax reduction from the gross taxes to compute the taxes before non-business and owner occupancy credits.
- Multiply the total from step 5 by 8.5457% to compute the non-business credit.
- Multiply the total from step 5 by 2.1364.5% 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 = 79.45
| Value/Multiplier | Total |
|---|---|
| Market Value of Property | $100,000 |
| Taxable Value (35% of Market Value) | $ 35,000 |
| Gross Real Estate Taxes ($35,000 times .07945) | $ 2,781 |
| Less: Tax Reduction ($2,781 times 31.8178%) | $ (885) |
| Subtotal | $ 1,896 |
| Less: 10% Non-Business Credit ($1,896 times 8.5457%) | $ (162) |
| Less: 2 1/2% Owner Occupancy Credit ($1,896 times 2.1364%) | $ (41) |
| Net Taxes Due | $1,693 |