Property Tax Calculator
Annual and monthly property tax from your home value and local rate.
Input sheet
DIY at your own risk. Calcora's calculators and guides are general estimates and information only — not professional, engineering, legal, or safety advice. Always verify local building codes and permit requirements, and hire a licensed pro for electrical, gas, plumbing, structural, or any work you're not fully comfortable doing yourself.
Property tax is the carrying cost that never amortizes away — it scales with your home's assessed value and your local rate, and it's a four-figure line item almost everywhere. This calculator turns value and rate into annual and monthly numbers.
How it works
Annual tax = assessed value × the local rate. Many counties quote a millage rate instead — one mill is $1 per $1,000 of value, i.e. 0.1%.
The core math is assessed value × the effective rate. The nuance is in the inputs: many jurisdictions assess homes at a fraction of market value, apply homestead or senior exemptions, and quote the rate in mills — dollars per $1,000 of value — rather than percent.
To convert a millage rate, divide by 10: 22 mills is 2.2%. To find your real effective rate, divide last year's tax bill by your home's market value — that single division cuts through every local quirk.
Annual tax = assessed value × rate ÷ 100. Monthly = annual ÷ 12. One mill = 0.1%.
Worked examples
A $400,000 home at the ~1.1% U.S. average effective rate. → $4,400 per year — about $367/month.
400,000 × 0.011 = $4,400; ÷ 12 ≈ $366.67.
A $250,000 home in a 22-mill county. → $5,500 per year.
22 mills = 2.2%; 250,000 × 0.022 = $5,500.
Tips & gotchas
- When comparing homes across county or state lines, compare effective rates — the same house can carry triple the tax bill one state over.
- If your lender escrows taxes, the monthly figure here is baked into your total payment — budget with PITI, not just principal and interest.
- Assessments can be appealed; if comparable homes are assessed lower, an appeal costs little and the reduction repeats every year.
FAQ
Is assessed value the same as market value?
Often not — many jurisdictions assess at a fraction of market value and apply exemptions (homestead, senior) before the rate.
Why did my tax jump after buying?
Many jurisdictions reassess at sale price. A long-held home may have been assessed far below market, and your purchase reset it — budget from the new value, not the seller's old bill.
Are property taxes deductible?
For U.S. federal returns they fall under the SALT deduction, which is capped and only matters if you itemize. Check current limits with a tax professional.
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