Estimate your annual property tax from assessed value, millage rate, and exemptions. Compare effective rates across jurisdictions.
The value assigned by your local tax assessor (not necessarily market value)
Percentage of market value used for taxation (100% if full value is assessed)
Homestead, senior, veteran, or other exemption amounts
Select your calculation mode: "Calculate Tax from Rate" to find your annual property tax, or "Calculate Rate from Tax" to find the effective rate you are paying.
Enter your assessed property value — this is the value determined by your local tax assessor, which may differ from the market value of your home.
Choose the tax rate format: percentage (e.g., 1.2%) or mills (e.g., 12 mills, where 1 mill = $1 per $1,000 of assessed value). Set the assessment ratio if your jurisdiction uses one (default 100%).
Enter any applicable exemptions such as homestead, senior, or disability exemptions that reduce your taxable value.
Click "Calculate" to see your annual and monthly property tax, effective tax rate, and a comparison with other jurisdictions.
When using millage rates, 1 mill equals $1 of tax per $1,000 of assessed value. For example, a property assessed at $200,000 with a millage rate of 20 mills pays $200,000 × (20 / 1,000) = $4,000 per year. When using percentage rates, the calculation is simpler: a $200,000 property at a 1.5% tax rate pays $200,000 × 0.015 = $3,000. The assessment ratio adjusts the market value to the taxable assessed value — for example, a 60% assessment ratio on a $500,000 home means you are taxed on $300,000. Exemptions are then subtracted from the taxable value before applying the rate.
A home assessed at $300,000 with a tax rate of 1.2% and a $25,000 homestead exemption. Taxable value = $300,000 - $25,000 = $275,000. Annual tax = $275,000 × 0.012 = $3,300. Monthly tax = $3,300 / 12 = $275. Effective rate on assessed value = 1.10%. Tax as a percentage of market value = 1.10%.
A property with a market value of $500,000, an 80% assessment ratio, and a millage rate of 25 mills. Assessed value = $500,000 × 0.80 = $400,000. Annual tax = $400,000 × (25 / 1,000) = $10,000. Monthly tax = $10,000 / 12 = $833.33. Effective rate = 2.5%. Tax as a percentage of market value = 2.0%.
A condo assessed at $150,000 with no exemptions and a millage rate of 18 mills. Annual tax = $150,000 × (18 / 1,000) = $2,700. Monthly tax = $2,700 / 12 = $225. The effective tax rate is 1.8%. At this relatively modest rate, annual property tax costs represent about 1.8% of the property value — helpful for budgeting mortgage escrow payments.
Find answers to the most common questions about property tax calculator.
