You would multiply the current year's taxable value (TV) by the total millage rate depending on Principal Residency status, then divide by 1,000 (i.e.: TV X Millage rate / 1,000 = estimated taxes). This will give you an approximate annual amount of property tax. This formula does not include any administrative fees or special assessments that may apply to your property. Millage rates can change from year to year, as does a property's TV; therefore it can be difficult to determine an exact amount until the millage rates are finalized shortly before the taxes are billed. You should contact your local assessor to obtain millage rate information for your city or township.