Property Tax Calculator
Estimate your annual and monthly property tax from home value, assessment ratio, tax rate (percent or mills) and exemptions, and project it over ten years. Example: a $400,000 home at a 1.1% rate pays $4,400 a year, or $366.67 a month.
Show steps
How to use the Property Tax Calculator
- Enter your home value, or the assessed value with 100% as the ratio.
- Enter the tax rate from your county bill and pick percent or mills.
- Subtract any exemptions you qualify for, such as a homestead exemption.
- Press Calculate to see the yearly, monthly and ten-year property tax.
Formula and method
Property tax = (market value x assessment ratio – exemptions) x tax rate. A mill is $1 of tax per $1,000 of assessed value, so 11 mills equals 1.1%. Many places add several rates together for the county, school district and city.
Worked example: $400,000 home at 1.1%
| Step | Amount |
|---|---|
| Market value | $400,000 |
| Assessment ratio | 100% |
| Exemptions | $0 |
| Assessed value | $400,000 |
| Tax at 1.1% | $4,400 a year |
| Monthly | $366.67 |
Annual property tax by home value and rate
| Home value | 0.5% | 1.0% | 1.5% | 2.0% |
|---|---|---|---|---|
| $200,000 | $1,000 | $2,000 | $3,000 | $4,000 |
| $300,000 | $1,500 | $3,000 | $4,500 | $6,000 |
| $400,000 | $2,000 | $4,000 | $6,000 | $8,000 |
| $500,000 | $2,500 | $5,000 | $7,500 | $10,000 |
| $750,000 | $3,750 | $7,500 | $11,250 | $15,000 |
How to find your real rate
Effective property tax rates differ a lot between states and counties, from well under 0.5% in some places to above 2% in others. Look at your latest tax bill or your county assessor’s website for the exact rate, assessed value and any exemptions, then enter them above.
Frequently asked questions
How is property tax calculated?
Assessed value (market value times the assessment ratio, minus exemptions) multiplied by the local tax rate.
What is a mill rate?
One mill is $1 of tax per $1,000 of assessed value. A 20-mill rate equals 2%.
What is an assessment ratio?
The share of market value the county taxes. Some areas assess at 100%, others at a lower fraction.
What are property tax exemptions?
Reductions in assessed value for things like a homestead, seniors, veterans or disabilities. Rules vary by state.
Why did my property tax go up?
Higher assessed value, a higher local rate, a new levy or the end of an exemption or cap.
Is property tax deductible?
Federal law lets itemizers deduct state and local taxes, including property tax, up to a cap. Check IRS rules for the current limit.
Is property tax part of my mortgage payment?
Often yes. Lenders collect one-twelfth each month into escrow and pay the bill for you.
Sources
Related calculators
Related to This Article
More math articles
- 4th Grade English Worksheets for Utah (RISE): 57 Free Printable PDFs
- The Best Grade 6 ELA Practice Tests for Virginia Students
- 6th Grade NYSE Math FREE Sample Practice Questions
- Federalism, Separation of Powers and Republican Government Explained
- The Normal Distribution and the 68-95-99.7 Rule: 2027 Guide
- 4th Grade Math Worksheets for Washington (SBAC): 43 Free Printable PDFs
- The Great Migration, Black Soldiers, and the Red Summer
- 7th Grade OST Math Worksheets: FREE & Printable
- How the Supreme Court Chooses and Decides Cases
- Top 10 7th Grade SBAC Math Practice Questions
What people say about "Property Tax Calculator: Annual & Monthly Home Tax Estimate"?
No one replied yet.