Estimate annual and monthly property taxes using home value, assessment ratio, mill rate, and exemptions. Get formula steps and taxable-value breakdown.
You might also find these calculators useful
Property tax is one of the largest ongoing homeownership costs. This calculator helps you estimate annual and monthly tax using home value, assessed value rules, exemptions, and local tax rates.
Property tax is a local tax charged by counties, cities, and school districts based on a home's taxable assessed value. Many areas assess only a percentage of market value, then subtract exemptions before applying the tax rate.
Property Tax Formula
Estimate annual and monthly tax payments before buying, refinancing, or appealing an assessment.
Test different rates and exemptions to understand how one county or state changes total housing cost.
See how homestead, senior, or veteran exemptions can lower taxable value and reduce annual tax.
Convert mill rates to percentages automatically and avoid manual conversion mistakes.
Estimate tax before making an offer so your full monthly payment is realistic.
Project annual tax changes to plan escrow payments and avoid surprise shortages.
Model tax impact if your assessed value is reduced after a successful appeal.
Evaluate net cash flow by estimating local property tax with no owner-occupied exemptions.
First determine assessed value from home value, subtract exemptions to get taxable assessed value, then multiply by your local tax rate. Add any special assessments to get total annual property tax.
Market value is what the home could sell for. Assessed value is the taxable value set by the assessor, often based on a percentage of market value and local rules.
Ten mills equals one percent. For example, 12 mills is 1.2%, and 7.5 mills is 0.75%. This calculator handles the conversion automatically.
Most exemptions reduce taxable assessed value, which lowers the tax before rate application. The exact rule depends on your jurisdiction's exemption program.
Effective rate on home value includes the impact of assessment ratios, exemptions, and special assessments, so it can be higher or lower than the nominal tax rate.