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  Property Sales Tax Calculation in USA 15 percent If you sell property that is not your main home (including a second home) that you've held for at least a year, you must pay tax on any profit at the  capital gains rate  of up to 15 percent. How does property tax work in USA? Property taxes  are calculated by taking the mill levy and multiplying it by the assessed value of the owner's  property . The assessed value estimates the reasonable market value for your home. It is based upon prevailing local real estate market conditions. How much is capital gains tax in USA? Current law Filing status and annual income - 2018 Long-term capital gain rate Single Married Filing Jointly or Qualified Widow(er) $0–$38,600 $0–$77,200 0% $38,601–$425,800 $77,201–$479,000 15% Over $425,800 Over $479,000 20% What ar...