Estimate your annual and monthly real estate tax obligations based on property value and local millage rates.
Assessed Value:
Taxable Value:
Estimated Annual Tax:
Estimated Monthly Tax:
How Property Tax is Calculated
Property tax is generally calculated by multiplying the Taxable Value of your home by the local Tax Rate. However, arriving at that taxable value involves several steps that vary by municipality.
Fair Market Value: The estimated price your home would sell for in the open market.
Assessment Ratio: Many districts only tax a percentage of the market value (e.g., if the ratio is 80%, a $100,000 home is only assessed at $80,000).
Millage Rate: Often expressed as mills (1/1000th of a dollar). Our calculator uses a percentage. To convert mills to a percentage, divide by 10 (e.g., 12 mills = 1.2%).
Exemptions: Reductions for primary residences (Homestead), seniors, or veterans that lower the taxable base.
Example Property Tax Scenario
Suppose you own a home worth $400,000 in an area with a 90% assessment ratio. The local tax rate is 1.5%, and you qualify for a $50,000 Homestead Exemption.
Assessed Value: $400,000 × 0.90 = $360,000
Taxable Value: $360,000 – $50,000 = $310,000
Annual Tax: $310,000 × 0.015 = $4,650
Monthly Payment: $387.50
Tips to Reduce Your Property Tax Bill
If your estimated tax seems high, consider the following strategies:
Apply for Exemptions: Ensure you have filed for all eligible exemptions, especially the Homestead exemption for your primary residence.
Review Your Assessment: Check your local tax assessor's records for errors in square footage, bedroom counts, or lot size.
Appeal the Valuation: If market values in your area have dropped but your assessment remained high, you may have grounds for a formal tax appeal.
function calculatePropertyTax() {
var marketValue = parseFloat(document.getElementById("propertyValue").value);
var ratio = parseFloat(document.getElementById("assessmentRatio").value);
var rate = parseFloat(document.getElementById("taxRate").value);
var exemptions = parseFloat(document.getElementById("exemptions").value);
if (isNaN(marketValue) || isNaN(ratio) || isNaN(rate)) {
alert("Please enter valid numbers for Market Value, Assessment Ratio, and Tax Rate.");
return;
}
if (isNaN(exemptions)) {
exemptions = 0;
}
// Step 1: Calculate Assessed Value
var assessedValue = marketValue * (ratio / 100);
// Step 2: Calculate Taxable Value
var taxableValue = assessedValue – exemptions;
if (taxableValue < 0) taxableValue = 0;
// Step 3: Calculate Annual Tax
var annualTax = taxableValue * (rate / 100);
// Step 4: Calculate Monthly Tax
var monthlyTax = annualTax / 12;
// Display Results
document.getElementById("resAssessed").innerText = "$" + assessedValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resTaxable").innerText = "$" + taxableValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resAnnual").innerText = "$" + annualTax.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resMonthly").innerText = "$" + monthlyTax.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("calc-result").style.display = "block";
}