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Property Tax Accrual RecomputeAssessed Value x Mill Rate

What does this come to under the current IRS rules?

Annual property tax from assessed value and mill rate, the share earned to period end, less payments, against the recorded accrual.

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Your figures
Example figuresIllustrative only. Type over them with your own.
Break (recorded less recomputed)
$275
Recorded liability less the recompute
Annual property tax
$310,300
Expense earned to period end
$232,725
Drawn to one scale
Annual property tax$310,300
Expense earned to period end$232,725
Recomputed liability (negative is prepaid)$77,725
Recorded amount$78,000
Break (recorded less recomputed)$275
All results
MeasureResult
Annual property tax$310,300
Expense earned to period end$232,725
Recomputed liability (negative is prepaid)$77,725
Recorded amount$78,000
Break (recorded less recomputed)
Recorded is higher
$275
How this was worked out
Work shownrecomputed as you type
Annual tax = assessed value x mills / 1,000
Earned to date = annual tax x months elapsed / 12
Recomputed liability = earned to date - amount paid

Illustrative arithmetic on the figures you enter. Check the result against your firm's methodology before relying on it.

The formulas

  • Annual tax = assessed value x mills / 1,000
  • Earned to date = annual tax x months elapsed / 12
  • Recomputed liability = earned to date - amount paid

How it works

Property tax is recognized over the tax year it relates to. The liability at period end is the tax earned to date less the payments made; a negative result means the entity paid ahead and holds a prepaid.

Tax years, lien dates and payment schedules differ by jurisdiction. Use the tax year the bill covers, not the billing date. If the current bill is not yet issued, use the prior bill adjusted for known value or rate changes.

Illustrative figures only. Check the result against your firm's methodology before relying on it.

Common questions

What is a mill?

One dollar of tax per $1,000 of assessed value, so 21.4 mills is a 2.14% rate on assessed value.

What if the rate is quoted per $100?

Multiply the per-$100 rate by 10 to get mills.

Should appeals be considered?

Accrue the assessed amount unless an appeal outcome is known. Disclose a significant pending appeal.

Formulas on this page are the standard definitions.

Runs in your browser. The figures you type are not sent to CORAA or stored. Check the result against your firm's methodology before relying on it.

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