Property tax calculation follows the basic formula: Assessed Value multiplied by Tax Rate equals Property Tax. The assessed value comes from property assessment authorities, representing the property's estimated market or other statutory value. The tax rate (often expressed as a mill rate or dollars per thousand of assessment) is set annually by council based on budget requirements and assessment totals. The calculation is: if a property is assessed at $400,000 and the tax rate is 0.008 (8 mills), property tax equals $3,200. Multiple tax rates may apply—municipal, education, and special levies—each calculated separately and summed. Understanding tax calculation helps property owners verify their bills and understand how assessment changes or rate changes affect taxes.