Property Tax Calculator: Yearly Home Tax
This property tax calculator estimates the yearly and monthly tax on a home. Enter the market value, the assessment ratio your county uses, the tax rate as a percent or in mills, and any homestead exemption. You get the assessed value, the annual tax bill, the monthly amount to set aside and the effective rate on the market value. You can also add a value increase to see how a renovation or a new assessment would change the bill. Rates vary by county and school district, so use the rate printed on your own tax bill for the best estimate.
Property Tax Calculator
Estimate your annual and monthly property tax from value and rate.
How to use the Property Tax Calculator
- Enter the market value of the home.
- Enter the assessment ratio. Use 100% if your county assesses at full value.
- Choose percent or mills for the tax rate and type it in.
- Add any homestead or other exemption in dollars.
- Read the annual and monthly tax and the effective rate.
The formula
Assessed value = market value × assessment ratio − exemptions. Annual tax = assessed value × rate, where a rate in mills is divided by 1,000. The effective rate is the annual tax divided by the market value.
Features
- Annual and monthly property tax
- Tax rate as percent or mills
- Assessment ratio and exemptions
- Effective rate on market value
- What-if for a higher home value
- Copy and print
Frequently asked questions
How is property tax calculated?
Property tax equals the assessed value times the tax rate. The assessed value is the market value times the assessment ratio, minus any exemptions.
What is a mill rate?
One mill is one dollar of tax for every $1,000 of assessed value. A rate of 20 mills is the same as 2% of assessed value.
What is a typical property tax rate in the US?
Effective rates range widely by state, from about 0.3% of home value in the lowest states to more than 2% in the highest. The national average is a little over 1%.
Where do I find my local tax rate?
Look at your county or city tax bill, or the assessor's website. The bill lists the rate or mill levy for each taxing district, and the total is what to enter here.
Does this include special assessments or escrow?
No. This estimate covers the regular property tax only. Special district charges and any amount held in escrow for other items are not included.