Calculate property tax on the real property. The tax is calculated on the land and the buildings on it.

Calculate real property tax to determine the taxes owed on real estate based on assessed values, exemptions, tax rates, and taxing district information. This process applies the appropriate tax calculations to all qualifying properties, ensuring tax bills are accurate and revenues are distributed correctly among taxing entities. Calculating real property taxes is a key step in preparing tax notices, billing property owners, and maintaining accurate tax records.

Examples:

• Calculate annual property taxes before generating tax statements.
• Apply exemptions, abatements, and assessment adjustments to determine the correct tax amount.
• Recalculate taxes after changes to assessed values, tax rates, or district levies.
• Verify tax amounts before closing a tax period or issuing bills.
• Generate accurate tax liabilities for reporting, collections, and financial planning.

 

By calculating real property taxes, you help ensure property owners are billed correctly, tax revenues are distributed accurately, and tax records reflect the correct amount owed for each property.

 

Calculating real property tax

1. Open Connect Property Tax Collection > Real Properties > Calculate Real Property Taxes.

The current period is the current year from January to December. The current period is the default period for this routine.

2. Enter the Billing Date.

This is the date the routine will use to record the real property tax transactions that will be created when you click GO.

3. Set up the option Create Zero Amount Transactions.

Create a transaction for a zero amount for properties that are 100% exempt or have a taxable value of zero. When the checkbox is not selected, the routine will not create any zero amount transactions.

 

4. Click GO (CTRL+G).

Connect calculates the real property tax on the selected parcels.