Free property tax calculator. Estimate annual property taxes using assessed value and mill rate. Includes homestead exemptions and monthly escrow breakdowns.
The Property Tax Calculator estimates your annual property tax based on the assessed value of your property and the applicable tax rate. Enter your home's assessed value and the mill rate (or tax rate) to see your total property tax bill, monthly escrow amount, and effective rate.
Property taxes are the primary revenue source for local governments, funding schools, police, fire departments, and infrastructure. Understanding your property tax breakdown helps you budget effectively and identify whether your assessment is fair compared to similar properties.
This calculator supports homestead exemptions, senior citizen exemptions, and other assessment reductions that lower your taxable value before the rate is applied. Property taxes are consistently among the largest recurring costs of homeownership, yet they vary quite dramatically by location. This calculator helps you estimate your annual tax bill based on your assessed value, local millage rate, and any applicable homestead, veteran, disability, or senior exemptions.
Property taxes can be a major homeownership expense. This calculator helps you estimate your bill before buying a home, verify your current assessment, plan for escrow payments, and compare tax costs across different properties or jurisdictions. Knowing your estimated tax bill in advance helps you budget accurately and compare the true cost of living across different areas.
Taxable Value = Assessed Value – Exemptions Annual Tax = Taxable Value × (Mill Rate / 1000) Monthly Escrow = Annual Tax / 12 Effective Rate = (Annual Tax / Market Value) × 100
Result: Annual tax: $7,500 | Monthly escrow: $625
Assessed value of $350,000 with a $50,000 homestead exemption leaves $300,000 taxable. At a 25 mill rate (2.5%), annual tax = $300,000 × 0.025 = $7,500. Monthly escrow = $7,500 / 12 = $625.
Property tax bills typically include levies from multiple taxing authorities — school districts, county government, city/town government, and special districts (fire, library, park). Each sets its own rate, and the combined total is your effective mill rate.
Most mortgage lenders require an escrow account for property taxes. Your monthly mortgage payment includes a portion for taxes that the lender holds and pays on your behalf. If taxes increase, your escrow payment increases too, potentially raising your total monthly payment.
When comparing homes in different areas, look at the effective tax rate (total tax / market value) rather than the mill rate alone, since assessment ratios differ. A high mill rate with a low assessment ratio may produce a lower bill than a low mill rate with a 100% assessment ratio.
A mill rate is the amount of tax per $1,000 of assessed property value. One mill equals $1 per $1,000. A mill rate of 25 means you pay $25 for every $1,000 of taxable value, equivalent to a 2.5% tax rate.
Assessed value is the value assigned by the county assessor for tax purposes. It may be the full market value or a percentage of it, depending on your jurisdiction. Many areas assess at 80–90% of market value, and some use much lower ratios.
A homestead exemption reduces the taxable value of your primary residence. The amount varies by state and locality — some offer a flat dollar amount (e.g., $50,000) while others reduce assessed value by a percentage. You typically must apply to your county assessor.
Yes, if you itemize deductions. Property taxes are part of the State and Local Tax (SALT) deduction, currently capped at $10,000 per year ($5,000 if married filing separately). This cap includes state income or sales tax as well.
Assessment frequency varies by jurisdiction. Some reassess annually, others every 2–5 years. Some states like California (Proposition 13) limit annual assessment increases to 2% regardless of market value changes until the property is sold.
You can file a property tax appeal with your local board of equalization or assessor's office. Gather comparable sales data showing your assessed value exceeds market value. Most jurisdictions have a filing window shortly after assessment notices are mailed.