The assessment rate is a uniform percentage and varies by tax jurisdiction, and could be any percentage below 100%. After getting the assessed value, it is multiplied by the mill levy to determine your taxes due. For example, suppose the assessor determines your property value is $500,000 and the assessment rate is 8%. The assessed value would be $40,000. Now taking the mill levy of 4.5% we calculated previously, the tax due would be $1,800 ($40,000 x 4.5%).