I am with you. My assessment is 385,00 and my property taxes are $10,600 per year. Of course I live right next to Rockford, IL. Anyone notice that it was the number 3 worst city to live in from the Forbes survey a couple of days ago? In the city of Rockford itself property taxes are even higher. Property taxes are calculated like this: Take 1/3 of assessed value then multiply by .11. Yes, 11%. So for a $150,000 house the property taxes are 50,000*.11=$5500. Unreal. Oh yes, this is on 1/3 of an acre. Even the city of Chicago is much less.