How are property taxes calculated and who assesses them?

Property taxes are calculated by multiplying the assessed value of a property by the local tax rate, called the mill rate or millage rate. A mill equals one-tenth of one cent, so a rate of 50 mills means 50 dollars per 1,000 dollars of assessed value. The county or municipal tax assessor determines the assessed value, which may be a percentage of market value depending on the state. Tax rates are set by local taxing authorities including counties, cities, school districts, and special districts.