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🏡 Property Tax Calculator

Estimate your annual and monthly property tax bill. Enter your home value, local tax rate (or mill rate), and assessment ratio to see a full tax breakdown across multiple years and rate scenarios.

Property Tax Formula

Assessed Value = Home Value × (Assessment Ratio ÷ 100)
Annual Tax = Assessed Value × (Tax Rate ÷ 100)

A mill rate represents $1 of tax per $1,000 of assessed value. To convert: divide the mill rate by 10 to get the equivalent percentage rate. For example, a mill rate of 15 equals a 1.5% tax rate.

How to Use the Property Tax Calculator

  1. 1
    Enter Your Home Value
    Enter the current market value or purchase price of your property. This is the starting point for calculating your assessed value.
  2. 2
    Choose Rate Format
    Select whether your local rate is expressed as a percentage (e.g., 1.2%) or as a mill rate (e.g., 12 mills). Switch the toggle accordingly.
  3. 3
    Enter Assessment Ratio
    Many jurisdictions assess property at a fraction of market value. Enter your local assessment ratio (default is 100%, meaning full value). Check your county assessor's website for this figure.
  4. 4
    Review Your Tax Estimate
    See your annual and monthly tax, effective rate, a 5-year cumulative table, and a side-by-side comparison at common tax rates.

Example Calculation

A home valued at $350,000 with an assessment ratio of 80% and a tax rate of 1.2%:

Assessed Value = $350,000 × 80% = $280,000
Annual Tax = $280,000 × 1.2% = $3,360/year
Monthly Tax = $3,360 ÷ 12 = $280/month
Effective Rate = $3,360 ÷ $350,000 = 0.96%

Frequently Asked Questions

Property tax is an annual tax levied by local governments (county, city, or school district) on real estate. It is calculated based on the assessed value of your property and the local tax rate. Property taxes fund public services such as schools, roads, fire departments, and emergency services.

A mill rate (or millage rate) is a way of expressing property tax as dollars per $1,000 of assessed value. One mill equals $1 of tax per $1,000. For example, a mill rate of 15 means you pay $15 for every $1,000 of assessed value, which is equivalent to a 1.5% tax rate. Divide a mill rate by 10 to convert it to a percentage.

Market value is what your home would sell for on the open market. Assessed value is what your local tax authority determines your property is worth for taxation purposes — this is often a percentage of market value known as the assessment ratio. If your county uses an 80% assessment ratio, a $400,000 home would have an assessed value of $320,000.

You can lower your property tax by (1) filing for available exemptions such as homestead, senior citizen, veteran, or disability exemptions; (2) appealing your assessment if you believe your home is overvalued — most jurisdictions allow formal appeals; (3) reviewing your property card for errors in square footage, bedroom count, or lot size; and (4) monitoring local tax rate changes and attending public hearings.

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