Property Tax Calculator — Estimate by Mill Rate & Assessed Value

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Property Tax Estimator by Mill Rate

Calculate your estimated annual property tax for any property. Uses your county's mill rat...

Assessed / Market Value

Assessment Ratio

Mill Rate (per $1,000)

Homestead Exemption

📊 Property Tax Estimate

Taxable Assessed Value

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Effective Tax Rate

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Annual Property Tax

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Monthly Escrow Amount

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*Find your county's mill rate at your local assessor's office. Rates change annually.

Overview

What is the Property Tax Calculator?

Property tax is an annual tax levied by local governments (county, city, school district) based on the assessed value of your real property. The tax is calculated using a mill rate — the amount of tax per $1,000 of assessed value. Most counties assess property at a percentage of market value (the assessment ratio), and many offer exemptions for primary residences (homestead exemption), seniors, veterans, and disabled homeowners. Property taxes vary enormously by location — from under 0.3% in some Southern states to over 2.5% in parts of New Jersey and Illinois.

How to Use

How to Use This Calculator

1Enter the property's current market value or assessed value.
2Input the assessment ratio — in some states properties are assessed at 100% of market value; in others it's lower (e.g., 70%). Check your county assessor's website.
3Enter the mill rate — find this on your current property tax bill or county assessor's site.
4Add your homestead or other exemption amount if applicable.
5Click Calculate to see taxable assessed value, effective tax rate, annual tax, and monthly escrow amount.

⚖️ Attorney's Role

Property tax assessments can be appealed if your property is over-assessed. A real estate attorney can review your assessment, gather comparable sales data, and represent you before the local assessment review board. Successful appeals can reduce your property tax bill for years. Attorneys also review property tax obligations as part of any real estate purchase or sale.

📧 Contact an Attorney

Common Questions

Frequently Asked Questions

Everything you need to know about property tax in real estate transactions

Property tax = (Assessed Value × Assessment Ratio − Exemptions) × Mill Rate ÷ 1,000. For example: a $400,000 home assessed at 100% with a $25,000 homestead exemption and a mill rate of 20 = ($400,000 − $25,000) × 20 ÷ 1,000 = $7,500 per year.

A mill rate (or millage rate) is the amount of property tax per $1,000 of assessed value. One mill equals $1 in tax per $1,000 of value. A mill rate of 15 means you pay $15 per $1,000 of assessed value — or $6,000 annually on a $400,000 property. Find your mill rate on your property tax bill or local assessor's website.

A homestead exemption reduces the taxable value of your primary residence, lowering your property tax bill. In Florida, it's up to $50,000. In Texas, $40,000 for school taxes. Many states offer additional exemptions for seniors, veterans, and disabled residents. You typically must apply for the exemption through your county assessor's office.

Yes. If you believe your property is over-assessed (assessed at more than its fair market value), you have the right to appeal. The process varies by state and county, but generally involves filing a formal appeal, providing evidence (recent comparable sales), and presenting your case to a local review board. A real estate attorney can significantly improve your odds.

If your lender requires an escrow account (common for loans with less than 20% down), your monthly mortgage payment includes 1/12 of your estimated annual property tax. The lender holds these funds in escrow and pays the tax bill directly. Our calculator shows your monthly escrow amount based on the estimated annual tax.