🏛️ Property Tax Calculator
Estimate yearly and monthly property tax from market value, assessment ratio, exemptions, and a tax rate or mill levy.
How the Property Tax Calculator Works
Property tax is usually calculated on a property’s assessed value, which may be the full market value or a set percentage of it (the assessment ratio). Exemptions, such as a homestead exemption where available, reduce the taxable value. The local rate is then applied, expressed either as a percentage or as a mill rate — tax per 1,000 of taxable value (1 mill = 0.1%).
Enter your figures from your assessment notice or local tax office. The calculator shows the yearly tax, the monthly equivalent (useful if taxes are collected through a mortgage escrow account), and the effective tax rate on market value, which makes it easy to compare places that use different assessment methods.
Formula
Assessed value = market value × assessment ratio Taxable value = assessed value − exemptions Yearly tax = taxable value × rate (%) or taxable value × mills ÷ 1,000 Effective rate = yearly tax ÷ market value × 100
How to Use It
- Enter the market value of the property.
- Enter the assessment ratio (100% if tax is based on full value) and any exemptions.
- Choose percentage or mill rate and enter your local rate.
- Read the yearly and monthly tax and the effective rate.
Frequently Asked Questions
How is property tax calculated?
Taxable value (assessed value minus exemptions) is multiplied by the local tax rate. With a mill rate, multiply the taxable value by the mills and divide by 1,000.
What is a mill rate?
A mill is one-thousandth of a currency unit. A rate of 20 mills means 20 in tax for every 1,000 of taxable value, which equals 2%.
What is an assessment ratio?
Some places tax only a percentage of market value. With a 40% assessment ratio, a 300,000 home has an assessed value of 120,000 before exemptions.
Why does my bill differ from this estimate?
Bills can combine several local rates (city, county, school district), special assessments, and exemptions that vary by location. The assessment notice and local tax office have the exact figures.
Related Glossary Terms
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Formula and content last reviewed: September 2026. All calculations run in your browser — nothing you enter is sent to or stored on our servers.
Guide: understanding your result
- Property tax = assessed value × local tax rate (often expressed as a millage rate: $1 per $1,000 of value).
- Assessed value can differ from market value, and exemptions such as homestead exemptions reduce it.
- Rates are set locally, so they vary widely even within one state.
Worked example
A home assessed at $400,000 with a combined rate of 1.2% pays $4,800 a year ($400 a month). The same tax expressed as a millage rate is 12 mills.
Annual property tax by value and effective rate
| Home value | 0.5% | 1.0% | 1.5% | 2.0% |
|---|---|---|---|---|
| $250,000 | $1,250 | $2,500 | $3,750 | $5,000 |
| $400,000 | $2,000 | $4,000 | $6,000 | $8,000 |
| $600,000 | $3,000 | $6,000 | $9,000 | $12,000 |
Illustrative rates — check your county assessor for the actual rate and exemptions.
Common mistakes to avoid
- Assuming the seller's tax bill will continue — many areas reassess on sale.
- Missing an exemption deadline.
Official sources
Examples are calculated live from the same data the calculator uses and are for education only — they are not financial, tax or investment advice.
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See all →✔ Reviewed by GelirLab Editöryal Ekibi · Last reviewed: September 2026 · How we check our calculators