Estimate your yearly property tax.
Enter your home value, the local assessment ratio, the tax rate in percent or mills, and any exemption. See your annual bill, the monthly escrow amount, your assessed and taxable value, and your effective tax rate, all live.
The property
Rates come two ways: percent or mills. 1% is the same as 10 mills, so a 1.1% rate equals 11 mills.
Many states subtract a fixed amount from the assessed value before tax, for example a homestead exemption on your primary residence.
What your numbers mean
From market value to your tax bill
How the taxable value is built
Tax at nearby rates
Rates change with local budgets and reassessments. Here is what this same home would owe at rates just above and below yours.
| Tax rate | Mills | Annual tax | Monthly |
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At a glance
Property tax, explained
How Property Tax Is Calculated
Property tax starts with your assessed value, which is the market value multiplied by the local assessment ratio. From the assessed value the county subtracts any exemptions to get the taxable value. Your annual tax is the taxable value multiplied by the tax rate: assessed value = market value times assessment ratio, taxable value = assessed value minus exemptions, and annual tax = taxable value times the tax rate. The monthly escrow amount is simply the annual tax divided by 12.
Percent Rates vs Mills
Tax rates appear two ways depending on where you live. Some jurisdictions publish a percent rate, others use mills. A mill is one dollar of tax per one thousand dollars of taxable value, so 1 percent equals 10 mills. A 1.1 percent rate is the same as 11 mills. To convert, divide mills by 10 to get percent, or multiply percent by 10 to get mills. This calculator accepts either and shows both.
Assessment Ratios and Exemptions
Not every county taxes the full market value. An assessment ratio below 100 percent means only part of the market value is assessed, which lowers the base the rate applies to. Exemptions cut the bill further: a homestead exemption removes a fixed dollar amount for a primary residence, and senior, veteran, and disability exemptions add more. Because ratios and exemptions vary widely, the effective tax rate, meaning annual tax as a share of market value, is the fairest way to compare one town against another.
Common questions
How do I convert mills to a percent rate?
Divide the mill rate by 10. A rate of 20 mills equals 2 percent. To go the other way, multiply the percent by 10, so 1.25 percent equals 12.5 mills.
What is the difference between assessed value and market value?
Market value is what the home would sell for. Assessed value is market value multiplied by the local assessment ratio, and it is the figure the tax rate is actually applied to. In jurisdictions with a 100 percent ratio the two are equal.
What is a homestead exemption?
It is a fixed dollar reduction to the assessed value of your primary residence before tax is calculated. Rules and amounts vary by state and county, and some add extra exemptions for seniors, veterans, or people with disabilities.
What is an effective property tax rate?
It is your annual property tax divided by the home market value, shown as a percent. Because it folds in the assessment ratio and any exemptions, it is the best single number for comparing tax burdens across different areas.
Estimates for planning only. Actual property tax depends on your local assessor, special district levies, exemption eligibility, and reassessment schedules. Check your assessment notice and county tax office before you budget.