Property Tax Calculator

Please fill in the required fields with values greater than 0.
–assessed value
–taxable value
–annual property tax
–monthly property tax

Estimate only. Rates and rules differ by county and city. To convert a rate in mills to a percent, divide by 10. Check your tax bill for the exact numbers.

How to use this calculator

Enter the home value, the assessment ratio used in your area, the tax rate and any exemptions. Press Calculate to see the annual and monthly property tax.

The formula

Assessed value = home value × assessment ratio
Taxable value = assessed value − exemptions
Property tax = taxable value × tax rate

Example: A $400,000 home assessed at 100% with a 1.1% tax rate and no exemptions pays $4,400 a year, which is $366.67 a month.

Understanding your property tax estimate

The calculator shows how a home’s value turns into a yearly tax bill. It works in three steps: the assessed value, the taxable value after exemptions, and the tax at your local rate. Knowing each step helps you see which part of the bill you might be able to change.

A worked example with an exemption

Say a home is worth $300,000 and your area assesses homes at 80 percent of market value. The assessed value is $240,000. With a $25,000 homestead exemption, the taxable value is $215,000. At a rate of 1.5 percent, the yearly tax is $3,225, or about $268.75 a month. A rate of 1.5 percent is the same as 15 mills.

Where to find your numbers

  • Assessed value: Your county or city assessor usually lists it online by address or parcel number.
  • Assessment ratio: Your assessor’s office or state revenue department can tell you the ratio used in your area.
  • Tax rate: Often shown on last year’s tax bill. It may combine county, city, school and special district rates.
  • Exemptions: Check with the assessor for homestead, senior, veteran or disability exemptions.

What changes your bill over time

  • Reassessments after a sale, a set number of years or a major renovation.
  • Changes in local tax rates voted on by your county, city or school district.
  • New special assessments for roads, sewers or other projects.
  • Assessment caps in some states, which limit how fast taxable value can rise.

Tips for buyers and owners

  • When house hunting, do not rely on the seller’s current tax bill. The tax may rise after the sale if your area reassesses at purchase price.
  • Apply for exemptions on time. Many have yearly deadlines and are not automatic.
  • Review your assessment notice each year and check the details, such as square footage and number of bathrooms.
  • If you pay through escrow, expect your monthly mortgage payment to change when taxes change.

Common mistakes

  • Entering a mill rate as a percent. Divide mills by 10 first.
  • Applying the rate to market value when your area taxes a lower assessed value.
  • Forgetting that exemptions reduce taxable value, not the tax bill directly.

This tool is for education only and is not tax or financial advice. For exact figures, contact your local assessor or a tax professional.

Frequently asked questions

How is property tax calculated?
The local authority multiplies the assessed value of your property by the tax rate.
What is an assessment ratio?
It is the share of market value that the local government taxes. Some areas tax 100 percent and others a smaller share.
What is a mill rate?
A mill is one dollar of tax per $1,000 of value. A rate of 11 mills equals 1.1 percent.
Can I lower my property tax?
Check for homestead or senior exemptions, and appeal the assessment if you think it is too high.
Is property tax included in my mortgage payment?
Often yes. Many lenders collect it each month with the mortgage payment and pay the bill for you from an escrow account.
How do I find my local property tax rate?
Look at your most recent tax bill, which usually lists each taxing body and its rate. You can also search your county assessor or treasurer website by address or parcel number. If you are buying a home, the listing or your real estate agent can often point you to the current bill.
Do property taxes go up every year?
Not always, but they often rise over time. Your bill can change when your home is reassessed, when local rates change or when new special assessments are added. Some states cap yearly increases in taxable value for homesteads. Check your assessment notice each year so changes are not a surprise.
Can I deduct property taxes on my federal tax return?
Generally yes, if you itemize deductions instead of taking the standard deduction. Property taxes fall under the state and local tax deduction, which has a yearly limit that has changed in recent years. Check current IRS guidance or talk with a tax professional about your situation.