Property Tax Calculator
Estimate your annual and monthly property tax obligations based on assessed value and local rates.
Estimated Tax Summary
Effective Taxable Value: $0
How to Calculate Your Property Tax
Understanding your property tax bill is essential for effective homeownership budgeting. Property taxes are calculated by local governments—usually at the county or municipal level—to fund public services like schools, infrastructure, and emergency services.
The Formula
The basic formula used by most assessors is:
(Assessed Home Value – Exemptions) × (Tax Rate / 100) = Annual Property Tax
Key Terms to Know
- Assessed Value: This is the value assigned to your property by a public tax assessor for the purposes of taxation. It is often a percentage of the fair market value.
- Millage Rate: Many areas use "mills" instead of a flat percentage. One mill equals $1 in tax for every $1,000 of assessed value.
- Exemptions: Many jurisdictions offer tax relief through homestead exemptions, veteran status, or senior citizen discounts that reduce the taxable portion of your home's value.
Example Calculation
If your home is assessed at $300,000, you qualify for a $50,000 homestead exemption, and your local tax rate is 1.2%:
- Determine Taxable Value: $300,000 – $50,000 = $250,000
- Apply Tax Rate: $250,000 × 0.012 = $3,000
- Monthly Budget: $3,000 / 12 = $250 per month
Disclaimer: This calculator provides an estimate based on the data provided. Actual tax bills may include additional fees, special assessments, or local levies not captured here.