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Enter your property's market value and the annual tax rate charged where you live. This property tax estimator applies your area's assessment ratio to get the assessed value, subtracts any exemptions, then multiplies by the tax rate to give your annual property tax, your monthly property tax, and your effective property tax rate so you can fairly compare different areas. Results are estimates for planning, not professional financial or tax advice.
Property tax is a local tax on real estate that funds schools, roads, police, fire departments and other public services. The math behind every bill is the same in every country and state: the local authority decides what share of your property's value gets taxed, takes off any exemptions you qualify for, and applies the local rate. The exact formula is shown on this page, so you can see precisely how your estimate is built.
Type your property's current market value, or the assessed value shown on your latest tax notice. Enter the annual tax rate your local authority charges as a percent (many bills quote a mill rate instead: 1 mill equals $1 of tax per $1,000 of assessed value, or 0.1%, so 7.5 mills means 0.75%). Set the assessment ratio your area uses, most places use 100%, and add any exemption amount such as a homestead, senior or veteran exemption. Press calculate to see your assessed value, yearly tax, monthly tax and effective rate. Try different rates to compare towns before you move or buy.
The assessment ratio is the share of your property's market value that is actually taxed. An assessment ratio of 100% means the full value is taxed; a ratio of 70% means you are taxed on only 70% of the value, so your bill is lower even if the tax rate looks higher. Exemptions work the other way: they reduce the assessed value before the rate is applied. Common exemptions include the homestead exemption for a primary residence, senior citizen exemptions and veteran exemptions. You usually have to apply for them with your local assessor, and missing the deadline can mean losing the saving for the whole year.
Property tax rates are set by local governments to match their budgets, so they vary widely between towns, counties and states. Two identical homes a few miles apart can carry very different bills. Your own bill can also move from year to year: either the assessed value rises after a reassessment, or the rate itself is raised, or both. That is why people sometimes ask why their property tax went up when they did nothing. The effective property tax rate, your yearly bill divided by the full market value of the home, is the fairest way to compare areas because it folds the assessment ratio and the rate into one number.
There are a few legal ways to lower your property tax. First, claim every exemption you qualify for: homestead, senior and veteran exemptions all cut the taxable value before the rate is applied. Second, check your assessed value against similar homes nearby; if your home is overvalued, you can file a property tax appeal with your local assessor and a successful appeal lowers your bill. Third, understand timing: major renovations can raise the assessed value at the next reassessment, so budget for the tax hit before you build. Finally, use the monthly tax figure to fold property tax into your mortgage and homeownership budget, since lenders add it to your monthly payment.
Your annual property tax is the full amount you owe each year, but most homeowners think in monthly terms because the bill is paid through a mortgage escrow account or in instalments. The monthly property tax figure from this calculator, your annual bill divided by 12, tells you how much to set aside each month so the yearly bill never arrives as a surprise. Re-run the estimate whenever you get a new assessment notice or hear that your local rate has changed, and keep it next to your loan and insurance numbers for a complete homeownership budget.
The bill follows a fixed formula. First find the assessed value: home value times the assessment ratio divided by 100. Then subtract any exemptions to get the taxable value. Multiply the taxable value by the tax rate divided by 100 to get the yearly tax, and divide by 12 for the monthly amount. The effective rate is the yearly tax divided by the home value, times 100.
Your local government sets it. Property tax is almost always a local tax charged by counties, municipalities and school districts to fund their budgets for schools, roads, police, fire and parks. Because each authority sets its own rate and assessment rules, rates vary widely even between neighboring towns.
Market value is what your home would sell for today. Assessed value is the value your local tax authority assigns to the property for taxation, calculated as market value times the assessment ratio. The assessed value can lag the market by years, so the number on your tax notice is often different from the price you paid or an online estimate.
Usually one of two things moved: your assessed value rose after a reassessment, or your local authority raised the tax rate to cover its budget. Either one can lift your bill even if you changed nothing. Compare the assessed value and rate lines on this year's and last year's notices to see which one caused the jump.
Yes. If you believe your assessed value is too high, you can file a property tax appeal with your local assessor, usually by a published deadline and often with evidence such as recent sales of similar homes. A successful appeal lowers the assessed value and therefore your bill.
Yes. Most places offer a homestead exemption that reduces the taxable value of your primary residence. Many also offer a senior property tax exemption based on age and income, and a veteran property tax exemption, sometimes a full exemption for service-connected disability. Contact your local assessor for the exact amounts, deadlines and application forms.
A mill rate is the tax in dollars for each $1,000 of assessed value. One mill equals 0.1%, so a mill rate of 7.5 is the same as 0.75%. To use a mill rate with this calculator, divide it by 10 and enter the result as the tax rate percent.
Some areas charge more than one levy, for example separate city, county and school district lines on your bill. Add all the rates together into one combined rate before you calculate. Entering only one line understates your real bill.
This calculator gives an estimate for planning and budgeting, not professional financial or tax advice. Real bills can differ because of assessment timing, special levies, separate local rates and the exact exemptions you qualify for. Always confirm the final numbers with your county assessor or treasurer.