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Property Tax Calculator

Estimate your yearly and monthly property tax from your home’s value, the assessment ratio, exemptions and the local tax rate as a percent or in mills.

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Property tax rules vary by state, county, city and school district. Find your assessed value, exemptions and rate on your tax bill or the county assessor’s website. Special assessments and fees are not included.

Quick Answer

Property tax = (market value × assessment ratio − exemptions) × tax rate. A $350,000 home assessed at 100% with a 1.1% rate owes about $3,850.00 a year, or $320.83 a month. A rate of 25 mills means $25 per $1,000 of taxable value, or 2.5%.

Last updated: 2 November 2026 ·How we calculate this: assessed value times the tax rate

Table of Contents

How This Property Tax Calculator Works

Enter your home’s market value and the share of that value your area taxes, called the assessment ratio. Subtract any exemptions, such as a homestead exemption, and enter the tax rate as a percent or in mills. The calculator shows your yearly and monthly tax, the effective rate, and the tax at other rates for comparison.

Quick explanation: your tax depends on the assessed value and the combined rate of all local taxing districts.

  • Assessment ratio: some areas tax 100% of value, others only part.
  • Mills: 1 mill = $1 per $1,000 of value, or 0.1%.
  • Exemptions: lower the taxable value.

How to Use the Property Tax Calculator

  1. Enter your home’s market value.
  2. Enter your area’s assessment ratio, or 100 if your assessor uses full value.
  3. Enter any exemptions you receive.
  4. Enter the tax rate and choose percent or mills.
  5. Press Calculate and read your yearly and monthly tax.

Core Formulas

  • Assessed value: market value × assessment ratio
  • Taxable value: assessed value − exemptions
  • Tax (percent): taxable value × rate ÷ 100
  • Tax (mills): taxable value × mills ÷ 1,000
  • Effective rate: tax ÷ market value × 100

Key Terms

  • Assessed value: the value a local assessor uses to figure property tax.
  • Mill rate: tax per $1,000 of assessed value.
  • Homestead exemption: a reduction in taxable value for a primary home.
  • Effective tax rate: yearly tax divided by market value.
  • Escrow: an account your lender uses to pay property tax and insurance.

Worked Example

A $300,000 home is assessed at 40% of value, has a $25,000 exemption and a 62.5 mill rate.

  • Assessed value = $300,000 × 40% = $120,000.00
  • Taxable value = $120,000.00 − $25,000 = $95,000.00
  • Tax = $95,000.00 × 62.5 ÷ 1,000 = $5,937.50, an effective rate of 1.98%

Real-Life Examples

  • House hunting: a $450,000 home at 1.8% costs about $8,100.00 a year in tax.
  • Escrow planning: divide the yearly tax by 12 to see the monthly escrow amount.
  • Homestead exemption: a $50,000 exemption at 1.5% saves $750.00 a year.
  • Checking a bill: enter the assessed value and rate from your bill to confirm the total.

Market Value vs Assessed Value

  • Market value: what the home would likely sell for.
  • Assessed value: the value used for tax, which can be all or part of market value.
  • Appeals: if your assessed value seems too high, most counties have an appeal process.

Yearly Tax by Home Value and Rate

Home value1%1.5%2%
$150,000$1,500.00$2,250.00$3,000.00
$250,000$2,500.00$3,750.00$5,000.00
$350,000$3,500.00$5,250.00$7,000.00
$500,000$5,000.00$7,500.00$10,000.00
$750,000$7,500.00$11,250.00$15,000.00
$1,000,000$10,000.00$15,000.00$20,000.00

What Changes Your Property Tax

  • Reassessments: rising home values can raise your assessed value.
  • Local budgets: rates change with school, county and city budgets.
  • Exemptions: homestead, senior, veteran and disability exemptions can lower taxes.
  • Caps: some states limit how fast assessed values or taxes can rise.

Common Mistakes to Avoid

  • Using market value when the area uses a lower ratio. Check the assessment ratio.
  • Mixing mills and percent. 20 mills is 2%, not 20%.
  • Forgetting exemptions. Many homeowners must apply for them.
  • Using one district’s rate. Your bill may combine county, city and school rates.
  • Ignoring special assessments. Some bills add fees for local projects.

Frequently Asked Questions

Multiply the taxable value (assessed value minus exemptions) by the tax rate.

One mill is $1 of tax per $1,000 of value, or 0.1%.

Divide by 10. 25 mills is 2.5%.

The share of market value that is taxed. Some areas use 100%, others less.

A reduction in taxable value for your main home, offered in many states. You may need to apply.

A higher assessment, a higher rate, or the loss of an exemption can raise it.

Yes. Most counties allow appeals if you think the value is too high.

Check your tax bill or your county assessor’s or treasurer’s website.

Often yes, through an escrow account.

Some state and local taxes, including property tax, may be deductible on federal returns if you itemize, up to a limit. Ask a tax professional.

Yearly tax divided by market value. It lets you compare areas with different assessment rules.

Not directly, but landlords often pass it on through rent.

It depends on your county. Some bill once a year, others twice or in quarterly installments. If you have an escrow account, your lender pays the bill from it.

In many areas, a sale can trigger a reassessment at the new price, so the tax on a home you buy may be higher than the seller paid. Check the county’s rules before you buy.

They may sit in different school or special districts, have different exemptions, or have been assessed at different times.

References & Sources

SourceUsed ForLink
Wikipedia, Property tax in the United States How assessment, rates and exemptions work. https://en.wikipedia.org/wiki/Property_tax_in_the_United_States
Consumer Financial Protection Bureau, What is an escrow account? How property tax is paid through escrow. https://www.consumerfinance.gov/ask-cfpb/what-is-an-escrow-or-impound-account-en-140/