The calculation of property taxes typically involves an assessment of the property's value by a local government assessor. This assessed value is then multiplied by a tax rate, known as a millage rate, to determine the amount of tax due. The formula can be summarized as: Property Tax = Assessed Value x Millage Rate The assessed value is often a percentage of the property's market value, and the millage rate is expressed in terms of units per thousand currency units of property value.