What calculation determines the taxes due for each property in a given year?

The determination of taxes due for each property in a given year is best calculated by taking the local tax rate and multiplying it by the assessment on each property. This formula effectively links the value assigned to a property—its assessment—with the rate set by the local governing body, thereby leading to an accurate calculation of the tax owed by the property owner.

Using the assessment ensures that the taxes reflect the value of the property as determined by the local assessor. The local tax rate is an essential component because it represents the budgetary needs of the municipality or jurisdiction in which the property is located, ensuring that tax calculations support local funding requirements such as schools, infrastructure, and public services.

In contrast, other options don't correctly reflect the method used in property tax calculations. For example, multiplying the total assessed value by the local tax rate could compute a total for all properties combined but does not yield the individual tax due for a specific property. The county tax rate multiplied by state average assessments would not pertain to the individual property’s assessment and thus would not accurately represent the taxes applicable to a specific property. Lastly, dividing the municipal budget by total properties might give an average tax amount per property but fails to consider the specific assessment of each property, missing the individualized nature