Chapter 2 Tax Deductions for Real / Personal Property: $1,000,000 divided by 39.5 yrs. ='s $900,000 divided by 39.5 yrs. ='s real property real property $25,316 $100,000 divided by 5 yrs. ='s personal property $22,785 $20,000 $42,785 4 Calculation of Property Taxes Due: Market Value (as per Property Appraiser's Office) X 's Assessment Rate ='S Assessed Value minus Exemptions ='S Adjusted Assessed Value X 'S Millage Rate (A mill equals 1/1,000) ='S Taxes Due