Property Tax Calculator
Estimate annual property tax from assessed value and millage (or tax rate). Includes common exemptions.
What is a property tax calculator?
The property tax calculator estimates your annual tax bill from assessed value and the local tax rate. Most U.S. states publish rates as either a percentage or "millage" (mills per $1,000 of value — 1 mill = 0.1%).
Formula
Tax = (assessed value − exemptions) × tax rate
Worked example
$350k assessed value, 1.2% tax rate, $25k homestead exemption:
- Taxable value: $325,000
- Annual tax: $3,900
- Monthly (escrow): $325
How to use this calculator
- Enter your home's assessed value (often lower than market value).
- Find your local tax rate — county/city websites publish it. National average ~1.1%.
- Add any homestead or senior exemption.
Frequently asked questions
What's the difference between assessed value and market value?
Assessed value is set by the county for tax purposes; market value is what the home would sell for. Most counties assess at 50-100% of market value depending on local rules.
What's a millage rate?
A mill is 1/1000 of a dollar. A 25-mill rate = 2.5%. Convert: percentage × 10 = mills. So 1.2% = 12 mills.
Highest property tax states?
NJ, IL, NH, CT, NY, TX have effective rates above 1.7%. Lowest: HI (~0.3%), AL, CO, LA, DC.
Is property tax deductible?
Federally yes, capped at $10,000 SALT (state and local tax) deduction. Above that, no further federal deduction. Many states still allow full deduction.