Free Property Tax Calculator

Calculate annual and monthly property tax based on assessed value and the local mill rate or tax rate.

Save
USD
%
USD
USD

Annual Property Tax

$3,900

Monthly Property Tax$325.00
Taxable Value (after exemptions)$325,000
Total Exemptions$25,000
Effective Tax Rate1.114%

Annual Property Tax vs Tax Rate (per $100 or %)

View formula & how it works →

How Property Taxes Are Calculated

Property taxes fund local government services including schools, roads, fire departments, and public safety.

Formula

Annual Tax = (Assessed Value - Exemptions) x Tax Rate

Key Concepts

  • Assessed value: Determined by the county assessor, often a percentage of market value
  • Mill rate / tax rate: Set annually by local taxing authorities. One mill = $1 per $1,000 of assessed value = 0.1%
  • Exemptions: Reductions for homestead, senior citizens, veterans, disability, or agricultural use

    • Assessment Ratio

    Some states assess at a fraction of market value. For example, if the assessment ratio is 80% and market value is $400,000, the assessed value is $320,000.

    Example Calculation

    A home assessed at $350,000 with a 1.2% tax rate, $25,000 homestead exemption, no other exemptions.

    1. 01Assessed value: $350,000
    2. 02Homestead exemption: $25,000
    3. 03Taxable value: $350,000 - $25,000 = $325,000
    4. 04Annual tax: $325,000 x 1.2% = $3,900
    5. 05Monthly tax: $3,900 / 12 = $325.00
    6. 06Effective rate: $3,900 / $350,000 = 1.114%

    Frequently Asked Questions

    Related Calculators

    Escrow Payment Calculator

    See property tax in monthly escrow.

    Assessed Value Calculator

    Estimate your assessed value.

    Rental Property Tax Calculator

    Tax on investment properties.