Property Tax Calculator
Estimate annual property tax from assessed value and millage (or tax rate). Includes common exemptions.
What is 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.