Find out how much you owe in property taxes each year and how that breaks down monthly for your escrow payment. Enter your assessed value and local tax rate to get an instant estimate.
Pro tip: Your assessed value is usually not the same as your home’s market value. Most counties assess at 80–100% of market value, and some states use a much lower “assessment ratio.” Check your latest tax bill for the exact assessed figure.
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How to Use the Property Tax Calculator
Enter your home’s assessed value — not the market value or purchase price — and your local tax rate as either a percentage or millage rate. The calculator instantly shows your estimated annual property tax, monthly escrow impact, and daily cost. If you don’t know your assessed value, enter your home’s market value along with your county’s assessment ratio to have it calculated automatically.
How Property Tax Is Calculated
Property tax is fundamentally simple: your assessed value is multiplied by your local tax rate. A home assessed at $250,000 with a 1.2% rate owes $3,000 per year. The complexity comes from how jurisdictions determine those two numbers. Assessed value may be a fraction of market value (called the assessment ratio), and the tax rate often combines levies from the county, city, school district, and special districts like fire or water authorities.
Assessed Value vs. Market Value
Your home’s market value is what it would sell for today. The assessed value is what the tax assessor says it’s worth for tax purposes. In many states, these are the same. But in states like Ohio, Georgia, and South Carolina, the assessed value is a percentage of market value — sometimes as low as 4% for owner-occupied homes. That’s why entering the correct assessed value matters more than the Zillow estimate.
- Full-value states (e.g., California, Texas) — assessed at ~100% of market value
- Fractional states (e.g., Georgia at 40%, South Carolina at 4–6%) — assessed at a percentage of market value
- Capped states (e.g., California Prop 13) — assessed value can only increase 2% per year regardless of market appreciation
Percentage Rate vs. Millage Rate
Some jurisdictions express tax rates as a percentage (e.g., 1.25%), while others use mills. One mill equals $1 of tax per $1,000 of assessed value, or equivalently 0.1%. So a 12.5 mill rate is the same as 1.25%. If your tax bill shows mills, use the millage toggle in this calculator to enter it directly without converting.
How to Appeal Your Property Tax Assessment
If your assessed value seems too high, you have the right to appeal. The process varies by jurisdiction, but generally involves filing a formal protest within 30–90 days of receiving your assessment notice. Gather evidence: recent comparable sales, an independent appraisal, or documentation of property defects. Many homeowners successfully reduce their assessments by 5–15%, which translates directly to lower taxes. Some counties even allow informal reviews before the formal hearing.
Homestead Exemptions and Tax Relief
Most states offer a homestead exemption that reduces the taxable value of your primary residence. Texas exempts $100,000 for school taxes; Florida’s Save Our Homes caps annual increases at 3%. Senior citizens, veterans, and disabled homeowners often qualify for additional reductions. These exemptions aren’t automatic — you typically have to apply through your county assessor’s office. Missing the deadline means paying full freight for another year.
Looking for related tools? Try our Home Affordability Calculator to factor taxes into your total ownership costs, or explore all Home & Real Estate tools.
Frequently Asked Questions
What's the difference between assessed value and market value?
Market value is what your home would sell for today. Assessed value is the figure the county uses to calculate property tax, which is usually a percentage of market value called the assessment ratio. California assesses at up to 100 percent but caps annual increases at 2 percent (Prop 13). Some states assess at 20 to 80 percent of market.
What is a millage rate?
Mills are a way to express tax rate per 1,000 dollars of assessed value. 1 mill equals 0.001, or 1 dollar of tax per 1,000 of assessed value. A 20-mill rate on a 200,000 dollar assessment equals 4,000 dollars in tax (200 x 20). Multiple taxing authorities (county, city, school district) combine to form the total millage.
What's the average property tax rate in the US?
The national average effective property tax rate is about 1.1 percent of home value. New Jersey, Illinois, and New Hampshire top the charts at 2 to 2.5 percent. Hawaii, Alabama, and Louisiana are lowest at 0.3 to 0.5 percent. Rates vary enormously within states: compare Austin, TX (2+ percent) to Dallas suburbs (~1.8 percent).
Can I appeal my property tax assessment?
Yes, and it's often worth it. Most counties have a 30 to 90 day appeal window after assessment notices go out. You can appeal based on recent comparable sales showing lower values, errors in square footage or features, or unequal assessment compared to neighbors. Successful appeals often cut assessments 5 to 20 percent.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence, lowering property tax. Amounts vary: Florida offers 50,000 dollars off (plus Save Our Homes cap limiting annual increases); Texas offers 40,000 dollars; most states offer 10,000 to 30,000 dollars. Seniors, veterans, and disabled homeowners often qualify for additional exemptions.