Property Tax Calculator
Estimate your yearly property tax bill. A $350,000 home taxed at 1.1% pays about $3,850.00 a year, or $320.83 a month.
How property tax is calculated
Local governments multiply your assessed value by the tax rate. Assessed value is market value times the assessment ratio (100% in many places, lower in others), minus any exemptions such as a homestead exemption.
Formula: (market value x assessment ratio – exemptions) x tax rate. For $350,000 at a 1.1% rate: $3,850.00 a year, $320.83 a month.
Rates vary a lot
US effective property tax rates range from about 0.3% in Hawaii and Alabama to over 2% in New Jersey and Illinois. Your rate depends on your county, school district and city. Look at your last tax bill or county assessor website for the exact rate, often shown as mills (1 mill = $1 per $1,000 of assessed value, which equals 0.1%).
When you plan a purchase, add this to your monthly payment. See the down payment calculator and closing cost calculator.
Free pricing tips for your business
Get short, practical tips on pricing jobs and using our free calculators. No spam, unsubscribe any time.
Frequently asked questions
How do I calculate property tax?
Multiply assessed value by the local tax rate. Assessed value is market value times the assessment ratio, minus exemptions.
What is a mill rate?
A mill is one-thousandth of a dollar. A rate of 11 mills is 1.1% of assessed value.
Can I appeal my property tax assessment?
Yes. Most counties let you appeal within a deadline if you think the value is too high.
Is property tax included in my mortgage payment?
Often yes, collected in escrow along with insurance.
Need a custom calculator or spreadsheet built for your business?
Talk to usMore free tools: All free calculators · Down payment calculator · Closing cost calculator · Mortgage payoff calculator