Property Tax Calculator
Calculate your annual and monthly property tax based on assessed value, tax rate, and any homestead exemptions. See your effective tax rate and full breakdown.
The assessed value from your tax authority, not necessarily market value
Also called mill rate. Average US is ~1.1%
Exemption amount if applicable (optional)
Enter your assessed value and tax rate, then click Calculate to see your property tax.
How Property Taxes Work
Understanding Property Taxes
Property taxes are annual taxes levied by local governments (counties, cities, school districts) on real estate you own. They are one of the largest ongoing costs of homeownership and fund essential public services including schools, roads, emergency services, and local infrastructure.
Assessment vs. Market Value
Your property tax is based on the assessed value of your home, which may differ from its market value. Assessors determine this value using recent comparable sales, property characteristics, and sometimes physical inspections. Some states assess at full market value, while others use a fraction (e.g., 40% of market value). Assessment ratios and methods vary by jurisdiction.
The assessed value is typically updated every one to five years, depending on local rules. If you believe your assessment is too high, you have the right to appeal it within a specified window after receiving your assessment notice.
Mill Rates and Tax Rates
Property tax rates are often expressed as a mill rate, where one mill equals $1 of tax per $1,000 of assessed value. A mill rate of 20 mills means you pay $20 per $1,000 of assessed value, which is equivalent to a 2% tax rate. Your total property tax rate may be the sum of multiple levies from different taxing authorities (county, city, school district, special districts).
Exemptions and Deductions
Many jurisdictions offer property tax exemptions that reduce your taxable value. The most common is the homestead exemption for primary residences, which can save homeowners hundreds or thousands of dollars annually. Other exemptions may exist for seniors, veterans, disabled persons, or agricultural property. Always check with your local assessor’s office to ensure you’re receiving all exemptions you qualify for.
Budgeting for Property Tax
When budgeting for homeownership, divide your annual property tax by 12 to understand the monthly cost. If you have a mortgage, your lender may collect property tax payments through an escrow account, adding a portion to each monthly mortgage payment.