Property Tax Calculator
Enter the home value and your local tax rate to see the yearly and monthly property tax, the effective rate and a five-year outlook.
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Share of market value that is taxed. 100% in many states.
Homestead, senior or veteran exemptions, in dollars.
Total of county, city and school rates.
Only used for the 5-year outlook.
- Assessed value
- $400,000.00
- Taxable value after exemptions
- $400,000.00
- Tax rate used
- 1.1%
- Tax per $100,000 of market value
- $1,100.00
| Year | Home value | Property tax |
|---|---|---|
| Year 1 | $412,000.00 | $4,532.00 |
| Year 2 | $424,360.00 | $4,667.96 |
| Year 3 | $437,090.80 | $4,808.00 |
| Year 4 | $450,203.52 | $4,952.24 |
| Year 5 | $463,709.63 | $5,100.81 |
How this was calculated
- Assessed value = $400,000 × 100% = $400,000.
- Taxable value = $400,000 − $0 exemptions = $400,000.
- Rate = 1.1% of taxable value.
- Annual tax = $400,000 × 1.1% = $4,400, or $366.67 a month.
An estimate from the rates you enter; your county sets the real bill. Educational, not tax advice.
How property tax is calculated
A property tax calculator multiplies the taxable value of a home by the local tax rate: tax = (market value × assessment ratio − exemptions) × rate. A $400,000 home assessed at 100% with no exemptions and a 1.1% rate owes $400,000 × 1.1% = $4,400 a year, or $366.67 a month. Counties and school districts set the rates, so the same house can be taxed very differently a few miles apart.
Assessment ratio, exemptions and mills
Some states tax only a fraction of market value. At a 40% assessment ratio a $300,000 home has an assessed value of $120,000. A homestead or senior exemption of $20,000 then leaves $100,000 taxable. Many places quote the rate in mills: one mill is $1 of tax per $1,000 of taxable value, so 25 mills equals 2.5%. Enter whichever form your tax bill uses.
Effective rate
The effective rate is the annual tax divided by the full market value. It is the fair way to compare places, because a high nominal rate on a low assessment ratio can be cheaper than a low rate on full value. In the example above the effective rate is 1% even though the nominal rate is 3%. The US Census Bureau publishes effective rates by state and county from the American Community Survey, and the Lincoln Institute of Land Policy explains how assessment practices differ.
Common mistakes
Do not use the rate of a neighboring city: add up every levy on your bill (county, city, school, special districts). Remember that a purchase can trigger a reassessment, so the old owner's tax is often a poor guide. Escrow payments to your lender also usually include homeowners insurance, so they are higher than the tax alone. The five-year table shows how growing values raise the bill when the rate stays flat; some states cap yearly assessment increases, which this estimate does not model.
Related calculators
Compare the tax with your income using the debt-to-income calculator, work out what a raise does with the paycheck calculator, and check percentages with the percentage calculator.
Frequently asked questions
How do you calculate property tax?
Property tax = (market value × assessment ratio − exemptions) × tax rate. A $400,000 home at a 100% ratio and a 1.1% rate owes $4,400 a year.
What is a mill in property tax?
A mill is $1 of tax per $1,000 of taxable value, or 0.1%. A rate of 25 mills equals 2.5%.
What is the assessment ratio?
It is the share of market value that the county taxes. At 40%, a $300,000 home has an assessed value of $120,000.
What is the effective property tax rate?
The annual tax divided by the full market value. It lets you compare places with different assessment ratios and nominal rates.
Where do I find my local tax rate?
On your tax bill or on your county assessor or tax collector website. Add every levy: county, city, school and special districts.