Calculate Property Tax
Enter your property's assessed value and local tax rate to estimate your annual and monthly property tax. Add any applicable exemptions to see your effective tax.
Exemptions (Optional)
Check any exemptions you qualify for and enter the dollar amount deducted from assessed value.
Value Breakdown
Payment Schedule
5-Year Property Tax Projection
See how your property tax may change as your home appreciates in value over time.
| Year | Assessed Value | Annual Tax | Monthly Tax | Cumulative Tax |
|---|
Average Property Tax Rates by US State
Effective property tax rates vary widely by state. This table shows approximate average rates based on census data and state tax reports. Actual rates depend on your county and municipality.
| State | Avg. Rate (%) | Avg. Tax on $300K Home |
|---|---|---|
| Alabama | 0.41% | $1,230 |
| Alaska | 1.19% | $3,570 |
| Arizona | 0.62% | $1,860 |
| Arkansas | 0.62% | $1,860 |
| California | 0.74% | $2,220 |
| Colorado | 0.51% | $1,530 |
| Connecticut | 2.14% | $6,420 |
| Delaware | 0.57% | $1,710 |
| Florida | 0.89% | $2,670 |
| Georgia | 0.92% | $2,760 |
| Hawaii | 0.28% | $840 |
| Idaho | 0.69% | $2,070 |
| Illinois | 2.27% | $6,810 |
| Indiana | 0.85% | $2,550 |
| Iowa | 1.57% | $4,710 |
| Kansas | 1.41% | $4,230 |
| Kentucky | 0.86% | $2,580 |
| Louisiana | 0.55% | $1,650 |
| Maine | 1.36% | $4,080 |
| Maryland | 1.09% | $3,270 |
| Massachusetts | 1.23% | $3,690 |
| Michigan | 1.54% | $4,620 |
| Minnesota | 1.12% | $3,360 |
| Mississippi | 0.81% | $2,430 |
| Missouri | 0.97% | $2,910 |
| Montana | 0.84% | $2,520 |
| Nebraska | 1.73% | $5,190 |
| Nevada | 0.60% | $1,800 |
| New Hampshire | 2.18% | $6,540 |
| New Jersey | 2.49% | $7,470 |
| New Mexico | 0.80% | $2,400 |
| New York | 1.72% | $5,160 |
| North Carolina | 0.84% | $2,520 |
| North Dakota | 0.98% | $2,940 |
| Ohio | 1.56% | $4,680 |
| Oklahoma | 0.90% | $2,700 |
| Oregon | 0.97% | $2,910 |
| Pennsylvania | 1.58% | $4,740 |
| Rhode Island | 1.63% | $4,890 |
| South Carolina | 0.57% | $1,710 |
| South Dakota | 1.31% | $3,930 |
| Tennessee | 0.71% | $2,130 |
| Texas | 1.80% | $5,400 |
| Utah | 0.63% | $1,890 |
| Vermont | 1.90% | $5,700 |
| Virginia | 0.82% | $2,460 |
| Washington | 0.98% | $2,940 |
| West Virginia | 0.58% | $1,740 |
| Wisconsin | 1.85% | $5,550 |
| Wyoming | 0.61% | $1,830 |
Rates are approximate averages and vary significantly by county and municipality. Source: U.S. Census Bureau and state tax authority reports.
How Property Tax Is Calculated
Property tax is one of the primary ways local governments fund public services such as schools, roads, police, and fire departments. The basic formula is:
Property Tax = Taxable Value x Tax Rate
Where Taxable Value equals the assessed value of your property minus any applicable exemptions, and Tax Rate is set by your local taxing authority (county, city, school district, etc.).
Step-by-step example
- Home assessed value: $300,000
- Homestead exemption: $50,000
- Taxable value: $300,000 - $50,000 = $250,000
- Tax rate: 1.5% (or 15 mills)
- Annual property tax: $250,000 x 0.015 = $3,750
- Monthly escrow: $3,750 / 12 = $312.50
Understanding Mill Rates
Many jurisdictions express property tax rates in mills rather than percentages. A mill is one-thousandth of a dollar, or $1 per $1,000 of assessed value.
| Mill Rate | Equivalent Percentage | Tax per $100,000 Value |
|---|---|---|
| 5 mills | 0.50% | $500 |
| 10 mills | 1.00% | $1,000 |
| 15 mills | 1.50% | $1,500 |
| 20 mills | 2.00% | $2,000 |
| 25 mills | 2.50% | $2,500 |
| 30 mills | 3.00% | $3,000 |
To convert mills to a percentage, divide by 10. To convert a percentage to mills, multiply by 10. For example, 18.5 mills = 1.85%.
Common Property Tax Exemptions
Exemptions reduce the taxable value of your property, lowering your tax bill. Eligibility requirements and amounts vary by state and locality.
Homestead Exemption
Available to homeowners who use the property as their primary residence. Typically reduces assessed value by a fixed dollar amount (e.g., $25,000 to $75,000). Some states also cap annual assessment increases for homesteaded properties.
Senior Citizen Exemption
Available to homeowners above a certain age (usually 62 or 65). May provide an additional dollar-amount reduction in assessed value, a percentage reduction, or a freeze on assessed value increases.
Veteran / Military Exemption
Available to veterans, active-duty military, and sometimes surviving spouses. The amount varies widely -- some states offer modest reductions while others provide full exemptions for disabled veterans.
Disability Exemption
Available to homeowners with qualifying disabilities. Similar to senior exemptions, these may reduce assessed value or provide a percentage discount on the tax bill.
Agricultural / Conservation Exemptions
Properties used for farming, ranching, or conservation may qualify for reduced assessments based on the land's agricultural use value rather than its market value.
Frequently Asked Questions
How is property tax calculated?
Property tax is calculated by multiplying the assessed value of your property by the local tax rate. For example, a home assessed at $300,000 with a 1.5% tax rate would owe $4,500 per year. Some jurisdictions use mill rates, where 1 mill equals $1 per $1,000 of assessed value (so 15 mills = 1.5%).
What is a mill rate?
A mill rate is a way of expressing property tax rates. One mill equals one-tenth of one cent, or $1 of tax per $1,000 of assessed property value. To convert mills to a percentage, divide by 10. For example, 20 mills equals a 2% tax rate.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence. For example, if your home is assessed at $300,000 and you have a $50,000 homestead exemption, you only pay tax on $250,000. Eligibility and amounts vary by state and county.
What is the difference between assessed value and market value?
Market value is what your home would sell for on the open market. Assessed value is the value your local tax assessor assigns for tax purposes. In many jurisdictions, assessed value is a percentage of market value (called the assessment ratio), though some assess at full market value.
How often are property taxes reassessed?
Reassessment schedules vary by jurisdiction. Some counties reassess annually, others every 2 to 5 years. Some states, like California (Proposition 13), limit annual assessment increases to a fixed percentage. Major renovations or property sales may also trigger reassessment.
Can I reduce my property taxes?
Yes. Common ways include applying for exemptions (homestead, senior, veteran, disability), appealing your assessment if you believe it is too high, checking for errors in your property record, and comparing your assessment to similar properties. Some jurisdictions also offer tax freezes for seniors.
Does this calculator store my data?
No. All calculations run entirely in your browser. No data is sent to any server, and nothing is stored.
Privacy & Limitations
Privacy: This calculator runs entirely in your browser. No data -- including property values, tax rates, or results -- is transmitted or stored anywhere.
Limitations: This tool provides estimates based on the values you enter. Actual property tax bills may differ due to special assessments, multiple taxing districts, assessment ratios, tax caps, or changes in local tax rates. Always verify with your county assessor or tax collector for exact amounts.
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Property Tax Calculator FAQ
How is property tax calculated?
Property tax is calculated by multiplying the assessed value of your property by the local tax rate. For example, a home assessed at $300,000 with a 1.5% tax rate would owe $4,500 per year. Some jurisdictions use mill rates, where 1 mill equals $1 per $1,000 of assessed value (so 15 mills = 1.5%).
What is a mill rate?
A mill rate is a way of expressing property tax rates. One mill equals one-tenth of one cent, or $1 of tax per $1,000 of assessed property value. To convert mills to a percentage, divide by 10. For example, 20 mills equals a 2% tax rate.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence. For example, if your home is assessed at $300,000 and you have a $50,000 homestead exemption, you only pay tax on $250,000. Eligibility and amounts vary by state and county.
What is the difference between assessed value and market value?
Market value is what your home would sell for on the open market. Assessed value is the value your local tax assessor assigns for tax purposes. In many jurisdictions, assessed value is a percentage of market value (called the assessment ratio), though some assess at full market value.
How often are property taxes reassessed?
Reassessment schedules vary by jurisdiction. Some counties reassess annually, others every 2-5 years. Some states, like California (Proposition 13), limit annual assessment increases to a fixed percentage. Major renovations or property sales may also trigger reassessment.
Can I reduce my property taxes?
Yes. Common ways include applying for exemptions (homestead, senior, veteran, disability), appealing your assessment if you believe it is too high, checking for errors in your property record, and comparing your assessment to similar properties. Some jurisdictions also offer tax freezes for seniors.
Does this calculator store my data?
No. All calculations run entirely in your browser. No data is sent to any server, and nothing is stored.