Property taxes are not like income taxes in that there’s no schedule to follow to determine your tax liability. Taxing jurisdictions are responsible for assessing the value of real property for tax purposes, and what that assessment entails will vary. In 49 of the 50 states, property taxes are based on fair market value, that is, the price for which the property would sell in its market. Most states include both the cost it would take to replace the building and the property itself into the assessment.
