Property Tax Calculator

Calculate your annual and monthly property tax based on assessed value, tax rate, and applicable exemptions.

Property Tax Details

$

As determined by your county assessor

%

% of value subject to tax (default 100%)

%

Combined rate from all taxing authorities

$

Reduction for primary residence

$
$

Ready to Calculate

Enter your property details and tax rate to estimate your annual property tax.

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Pro Tip

Review your property tax assessment annually. If your home's assessed value seems too high, you may be able to appeal for a reduction. Many homeowners successfully lower their tax bills through the appeals process.

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Understanding Property Taxes

Property taxes are a primary source of revenue for local governments, funding essential services like public schools, police and fire departments, road maintenance, and municipal infrastructure. As a homeowner, understanding how property taxes are calculated can help you budget accurately and identify opportunities to reduce your tax burden.

The amount you owe depends on two factors: the taxable value of your property and the local tax rate. The taxable value starts with an assessed value determined by your county assessor, which may be adjusted by an assessment ratio and reduced by any applicable exemptions. Tax rates are set by various local taxing authorities including counties, cities, school districts, and special districts.

Tax rates are often expressed in mills (thousandths of a dollar) or as a percentage. One mill equals $1 of tax per $1,000 of assessed value, or equivalently, 0.1%. Multiple tax rates from different authorities are combined into a single total rate for your property.

Many jurisdictions offer exemptions that reduce your taxable value. The most common is the homestead exemption for primary residences. Other exemptions may be available for seniors, veterans, disabled persons, and agricultural properties. These exemptions can significantly reduce your annual tax bill.

Property Tax Formula

Annual Tax = (Assessed Value × Assessment Ratio - Exemptions) × Tax Rate

Where:

Assessed Value = The value assigned to your property by the local assessor

Assessment Ratio = Percentage of assessed value subject to tax (varies by jurisdiction, often 100%)

Exemptions = Dollar amount reductions (homestead, senior, veteran, etc.)

Tax Rate = Combined rate from all local taxing authorities (in % or mills)

1 Mill = = $1 per $1,000 of value = 0.1%

Example

$350,000 home at 100% assessment ratio with $50,000 homestead exemption, 12.5 mills:

  • • Assessed value: $350,000 x 100% = $350,000
  • • Taxable value: $350,000 - $50,000 = $300,000
  • • Tax rate: 12.5 mills = 1.25%
  • • Annual tax: $300,000 x 0.0125 = $3,750
  • • Monthly tax: $3,750 / 12 = $312.50

Frequently Asked Questions

How are property taxes calculated?
Property taxes are calculated by multiplying the taxable value of your property by the local tax rate. The taxable value is the assessed value (which may be a percentage of market value) minus any applicable exemptions like homestead or senior exemptions.
What is the difference between mills and percent?
A mill is one-tenth of a cent, or $1 per $1,000 of assessed value. To convert mills to a percentage, divide by 10. For example, 12.5 mills = 1.25%. Both express the same tax rate in different units.
What is an assessment ratio?
The assessment ratio is the percentage of your property's market value that is used to calculate the assessed value. Some jurisdictions assess at 100% of market value, while others use lower ratios (e.g., 60% or 80%). A lower ratio effectively reduces your tax bill.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence by a fixed dollar amount. For example, a $50,000 homestead exemption on a $350,000 assessed home means you only pay taxes on $300,000. Eligibility rules vary by state and locality.
How often are property taxes reassessed?
Reassessment schedules vary by jurisdiction. Some areas reassess annually, while others reassess every 2-5 years or only when a property changes hands. Property values used for taxation may not match current market value depending on when the last assessment occurred.