Calculate your annual and monthly property tax from home value, mill rate, and assessment ratio.
Free property tax estimator that handles both percent and mill-rate jurisdictions, applies your state's assessment ratio, subtracts homestead exemptions, and compares your effective rate to national benchmarks.
Direct answers to the most common questions, in plain language. Skim if you're in a hurry; dig deeper below.
Assessed value × local tax rate (or mill rate / 1000).
Property tax is your assessed value multiplied by the local rate. If your county uses mills, divide the mill rate by 1000 first. Assessed value is often less than market value because many jurisdictions apply an assessment ratio (e.g. 70%).
Tax per $1,000 of assessed value. 25 mills = 2.5%.
A "mill" is one one-thousandth of a dollar. A mill rate of 25 means you pay $25 per $1,000 of assessed value, which is the same as a 2.5% rate. Many US counties publish their rate in mills rather than percent.
Many states assess at a fraction of market value.
States set an "assessment ratio" — the percentage of market value that gets taxed. Some assess at 100% (full market), others as low as 10%. Your local assessor publishes the ratio; check your tax bill or county website.
A reduction in taxable value for your primary home.
A homestead exemption is a dollar amount subtracted from your assessed value before tax is applied. It typically applies only to your primary residence, and many states layer in extra exemptions for seniors, veterans, or disabled homeowners.
The mechanics in short answers — no jargon, no upsell.
Use a recent appraisal, sale price, or trusted automated valuation. This is the figure local assessors anchor to.
Multiply by your state's ratio (often 70–100%) to get assessed value. Many jurisdictions tax only a portion of market value.
Homestead, senior, or veteran exemptions reduce the taxable base before the rate is applied.
Multiply by your local rate (percent) or by mill rate / 1000. Divide by 12 to get the monthly amount that lives in your escrow.
Designed so anyone can model their situation in under a minute, with or without a finance background.
Get both numbers so you can plug property tax into your monthly housing budget, not just your year-end tax bill.
See where your effective rate falls vs the US median (~1.1%), lowest (HI ~0.3%), and highest (NJ ~2.2%).
Toggle between the two formats your county might publish — same math, no conversion required.
Many states tax a fraction of market value. Set your ratio and the calculator handles the rest.
Subtract homestead, senior, or veteran exemptions to see your real taxable amount.
Project the recurring cost of ownership before you make an offer or escrow a new mortgage.
Everything you might ask before, during, or after using this tool.
Property tax = (assessed value − exemptions) × tax rate. Assessed value is market value multiplied by your jurisdiction's assessment ratio. The result is usually billed annually, but mortgage escrow accounts collect it in 12 monthly chunks.
A mill rate is the tax per $1,000 of assessed value. Divide by 10 to get the percent: 25 mills = 2.5%. Multiply percent by 10 to go the other way: 1.2% = 12 mills.
Many states use an "assessment ratio" — they tax a fraction of market value. Some, like California, also cap how fast assessed value can rise under laws like Prop 13. Your assessor's website publishes the ratio that applies to you.
Effective rate is the tax you pay divided by the home's market value, expressed as a percent. It's the cleanest way to compare jurisdictions because it strips away differences in assessment ratios and exemptions.
A homestead exemption reduces your taxable assessed value by a fixed dollar amount (or percentage in some states), but only on your primary residence. Many states layer in extra exemptions for seniors over 65, disabled veterans, or surviving spouses.
Hawaii has the lowest effective rate at roughly 0.3%, followed by Alabama, Colorado, Louisiana, and South Carolina (all under 0.6%). These states often offset with higher income or sales tax.
New Jersey leads at roughly 2.2%, followed by Illinois, New Hampshire, Connecticut, and Vermont — all above 1.8%. These states typically rely heavily on property tax to fund local schools.
Most US counties reassess every 1–4 years, but the cadence varies widely. Some states (like California) only reassess on sale or major renovation. A reassessment can change your bill significantly, even if the rate stays flat.
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A mill is one one-thousandth of a dollar — $0.001. A mill rate of "25 mills" means $25 in tax per $1,000 of assessed value. Multiply your assessed value by mill rate, divide by 1,000, and you're done.
Converting between mill rate and percent is a single decimal shift: 25 mills = 2.5%, 12.5 mills = 1.25%. Counties publish in whichever format their software defaults to, but the math underneath is identical.
Assessors aren't trying to undersell your home. They're applying a state-mandated assessment ratio — the percent of market value that gets taxed. Some states tax 100% of market value, others as little as 10%. California adds another wrinkle with Prop 13, capping how fast assessed value can rise even when market value soars.
The practical effect: two identical homes in different states can have wildly different tax bills, even at similar nominal rates. That's why the "effective rate" — tax divided by market value — is the only fair comparison metric.
The homestead exemption is the most common reduction available to homeowners. It subtracts a fixed amount (often $25,000–$75,000) from your taxable assessed value, but only on your primary residence. Investment properties and second homes don't qualify.
On top of homestead, many states stack additional exemptions: age 65+, disabled veterans, surviving spouses of first responders. These can compound — Florida, for example, layers a senior exemption on top of homestead. If you qualify, file. The savings are real and recurring.
Two short notes worth reading before you trust any number on this page.
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Results are not financial, legal, or tax advice. Please consult a qualified professional before any decision about your loan, investments, or personal finances. Actual loan terms and charges depend on your bank and individual circumstances.
