Property Tax Calculator
Estimate yearly property tax from a home's value, assessment ratio, exemptions and the local rate.
About the Property Tax Calculator
Enter the market value, the assessment ratio, any exemptions such as a homestead exemption, and the local rate as a percent or in mills. The calculator gives the yearly and monthly tax and the effective rate on market value.
Local governments tax the assessed value of property: market value × assessment ratio, minus exemptions. Rates are often quoted in mills (dollars per $1,000 of assessed value). Effective rates across US states range from about 0.3% to over 2% of market value.
The formula
Tax = (market value × assessment ratio − exemptions) × rate
Worked example
A $350,000 home, 100% assessment, $50,000 homestead exemption, 1.2% rate
- Assessed value: 350,000 − 50,000 = $300,000
- Tax: 300,000 × 1.2% = $3,600 a year, $300 a month
- Effective rate: 1.03% of market value
Questions people ask
What is a mill?
One-tenth of a cent: $1 of tax per $1,000 of assessed value (0.1%).
Can I appeal my assessment?
Yes, usually within a set window after notices are sent.
Is property tax in my mortgage payment?
Often, through an escrow account; the lender pays the tax bill for you.