Property Tax Calculator
Annual tax · Monthly escrow · Effective rate
Many counties assess at 80–100%
Avg US: $10–$20 per $1,000
0 if investment property
Scale to portfolio
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Assessed Value
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Annual Tax
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Monthly Escrow
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Effective Rate
About This Calculator
The Property Tax Calculator estimates annual and monthly property taxes based on your property's market value, local assessment ratio, and tax rate. Property taxes are one of the largest ongoing costs of homeownership and real estate investment.
Mill Rate is the most common way to express property tax rates: $1 per $1,000 of assessed value. A mill rate of 15 means $15 in tax per $1,000 of assessed value. To convert: mill rate ÷ 10 = percentage rate (15 mills = 1.5%).
Assessment Ratio is the percentage of market value used to calculate your tax bill. Some counties assess at 100% of market value; others at 80%, 60%, or lower. Always verify your county's assessment ratio when estimating taxes.
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Frequently Asked Questions
How is property tax calculated?▼
Property Tax = (Assessed Value - Exemptions) × Tax Rate. Assessed Value = Market Value × Assessment Ratio. Example: $400,000 home × 90% assessment ratio = $360,000 assessed. $360,000 - $25,000 homestead exemption = $335,000 taxable × 1.5% rate = $5,025 annual tax.
What is a mill rate in property taxes?▼
A mill rate is $1 of tax per $1,000 of assessed value. To calculate: Assessed Value ÷ 1,000 × Mill Rate = Annual Tax. Example: $300,000 assessed value × 12 mill rate = $300 × 12 = $3,600/year. Mill rates vary widely — from under 5 in some states to over 30 in high-tax areas.
What is a homestead exemption?▼
A homestead exemption reduces the taxable value of your primary residence, lowering your property tax bill. For example, a $25,000 homestead exemption on a $300,000 assessed home reduces taxable value to $275,000. Exemptions are typically only available for owner-occupied primary residences, not investment properties.
Which states have the highest and lowest property taxes?▼
Highest average effective rates: New Jersey (~2.2%), Illinois (~2.1%), Connecticut (~1.8%). Lowest: Hawaii (~0.3%), Alabama (~0.4%), Colorado (~0.5%). However, local variations within states can be enormous — research your specific county and municipality.
Can I appeal my property tax assessment?▼
Yes. If you believe your property's assessed value is too high, you can file an appeal with your local assessor's office. Gather evidence: recent comparable sales, an independent appraisal, or documentation of property issues. Appeals are commonly successful — especially if the market has declined since your last assessment.
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