Property Tax Calculator
Property tax calculator: annual and monthly property tax from home value, assessment ratio, exemptions and local rate.
Editorial review: Farrow (pseudonym; identity and professional credentials are not disclosed). This page is for educational purposes, not professional advice.
Your inputs
Results update as you type. Nothing you enter leaves your device.
Results
- Monthly (escrow)
- $333.33
- Taxable value
- $400,000
Example with the starting values
These results use the calculator's initial inputs. Change the values above to calculate your own estimate.
Inputs
- Market value
- 400000 $
- Assessment ratio
- 100 %
- Exemptions
- 0 $
- Tax rate
- 1 %
Results
- Annual property tax
- $4,000
- Monthly (escrow)
- $333.33
- Taxable value
- $400,000
How does the Property Tax Calculator work?
Property tax is a yearly local tax on real estate, set by counties, cities and school districts and based on the assessed value of your property.
Assessed value = market value × assessment ratio. Taxable value = assessed value − exemptions such as a homestead exemption. Tax = taxable value × tax rate.
Rates are often quoted in mills. One mill is $1 per $1,000, so 25 mills equals 2.5%.
For example, a $400,000 home assessed at 100%, with no exemption and a 1% tax rate, has $4,000 in estimated annual property tax, or about $333 a month. Local assessment and exemption rules can change the bill.
Sources
Frequently asked questions
Where do I find my local rate?
Your county assessor or treasurer website lists millage or tax rates, and your last tax bill shows the rate you paid.
How do I convert a mill rate to a percentage?
Divide the mill rate by 10. A rate of 20 mills is 2%, so a $300,000 taxable value owes $6,000 a year.
Can I deduct property taxes on my federal return?
Yes, if you itemize. State and local property, income or sales taxes are deductible together up to the SALT cap.
What is a homestead exemption?
It is a reduction in the taxable value of your primary home offered by many states and counties. You usually must apply once with your county assessor.