Property Tax Calculator

Calculate annual and monthly property taxes by rate or assessment ratio. Compare tax rates across locations, project future taxes with home appreciation, and calculate homestead exemption savings.

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Annual Property Tax
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Monthly Tax (escrow) —
Effective Tax Rate —
Extended More scenarios, charts & detailed breakdown ▾
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Annual Tax
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Monthly Escrow —
Daily Tax Accrual —
Professional Full parameters & maximum detail ▾
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Assessment Details

Assessed Value —
Taxable Value (after exemption) —
Effective Rate on Market Value —

Current Tax

Current Annual Tax —
Monthly Escrow Amount —

Future Projection

Projected Tax (after appreciation) —

How to Use This Calculator

  1. Enter your home value and tax rate for an instant annual and monthly tax estimate.
  2. Use the By Rate tab for the simple rate-based calculation including daily accrual.
  3. Use the By Assessment tab to calculate using your jurisdiction's assessment ratio and millage rate.
  4. Use the Compare Locations tab to see property tax side by side for up to 3 locations at different rates.
  5. Use the Professional tab for a full analysis including homestead exemption, projected future taxes based on appreciation, effective rate, and escrow amount.

Formula

Annual Tax = Home Value × Tax Rate
Assessment Method: Tax = (Market Value × Assessment Ratio − Exemption) × Millage Rate / 1000
Monthly Escrow = Annual Tax / 12

Example

Example: $400,000 home, 1.1% tax rate → Annual tax = $4,400, Monthly escrow = $367. With 80% assessment ratio and 15 mills: Assessed = $320,000; Tax = $320,000 × 15/1000 = $4,800/year.

Frequently Asked Questions

  • Property tax = Assessed Value × Tax Rate. The assessed value may differ from market value — many jurisdictions assess at 70–100% of market value. Some use millage rates: 1 mill = $1 per $1,000 of assessed value. For example, a $400,000 home assessed at 80% = $320,000 assessed value × 15 mills = $4,800/year.
  • A homestead exemption reduces the taxable assessed value for your primary residence. For example, if your assessed value is $300,000 and your state offers a $25,000 homestead exemption, you only pay tax on $275,000. Exemptions vary widely by state — Florida offers up to $50,000, Texas up to $100,000.
  • The US average effective property tax rate is approximately 1.1% of market value. However, rates vary dramatically: New Jersey (~2.2%), Illinois (~2.1%), and Texas (~1.8%) are among the highest, while Hawaii (~0.3%), Alabama (~0.4%), and Colorado (~0.5%) are among the lowest.
  • Lenders typically include property taxes in your monthly mortgage payment via an escrow account. Each month, 1/12 of your estimated annual property tax is collected and held in escrow. When your tax bill is due, the lender pays it from the escrow account. This is why mortgage payments are often PITI: Principal, Interest, Taxes, Insurance.

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Sources & References (5) ▾
  1. Tax Foundation — Property Tax Rates by State — Tax Foundation
  2. IRS — Real Estate Taxes Deduction (Topic 503) — Internal Revenue Service
  3. Census Bureau — State and Local Government Finances — U.S. Census Bureau
  4. Lincoln Institute of Land Policy — Significant Features of the Property Tax — Lincoln Institute of Land Policy
  5. IRS Publication 530 — Tax Information for Homeowners — Internal Revenue Service