1 Answer

1.  You need to know the assessed value of your taxable property (land, house, garage, etc..)

2.  You need to know whether there is a homestead exemption and how much it is.

3.  You need to know the taxing districts in your area.  (i.e. city, county, school board water district, library, etc.)  and how much each of them can tax.

Let's assume you have a total of $450,000 taxable property and there is a $50,000 homestead exemption.  That leaves $400,000. 

Let's then assume the following millage rates apply:  city = 10.0 mills, county = 4.5 mills, school board 5.5 mills, water district 2.0 mills, library = 3.0 mills.  The total is 25.0 mills.  A millage point is $1 for every $1000 worth of taxable property, or in this case, $25.  Multiply 25 times 400 to get a $10,000 tax bill.