Property taxes assessed for a year are due in two equal installments on May 10 and November 10 of the following year.

Property taxes represent a property owner's portion of the local government's budgeted spending for the previous year. Increases or decreases depend upon the assessed valuation of the taxpayer's property, local government fiscal management, and local tax rates, which are based on the budget proposals submitted by local government taxing entities providing services to each community.

To calculate an individual's property tax liability, the county official takes the tax rate and multiplies it by the assessed value of the property after all deductions are applied. This amount is then adjusted by any applicable credits. A property tax liability cannot exceed the cap set by the circuit breakers, which in the case of homesteads is 1% of the gross assessed value of the property.