Property Tax Estimator
Calculate your annual and monthly real estate tax liability based on property value and local rates.
Assessed Value:
$0.00
Annual Property Tax:
$0.00
Monthly Tax Payment:
$0.00
How to Use the Property Tax Calculator
Property taxes are a significant recurring cost of homeownership. Local governments use these funds to pay for schools, roads, emergency services, and infrastructure. Understanding how your bill is calculated helps you budget effectively for your mortgage escrow or annual payments.
Understanding the Key Components
- Market Value: The estimated price a buyer would pay for your home in the current market.
- Assessment Ratio: Many jurisdictions do not tax 100% of the market value. For example, if your home is worth $200,000 but the ratio is 80%, you are only taxed on $160,000.
- Tax Rate (Mill Rate): This is the percentage applied to the assessed value. It is often expressed as a percentage or in "mills" (one-thousandth of a dollar).
Real-World Example:
If your home's market value is $400,000, your city uses a 90% assessment ratio, and the tax rate is 1.25%:
1. Assessed Value: $400,000 × 0.90 = $360,000
2. Annual Tax: $360,000 × 0.0125 = $4,500
3. Monthly Cost: $375.00
If your home's market value is $400,000, your city uses a 90% assessment ratio, and the tax rate is 1.25%:
1. Assessed Value: $400,000 × 0.90 = $360,000
2. Annual Tax: $360,000 × 0.0125 = $4,500
3. Monthly Cost: $375.00
Why Property Taxes Change
Your property tax bill can fluctuate for several reasons. If your local government passes a new bond for school improvements, the tax rate may increase. Additionally, a "reassessment" by the county appraiser might increase your home's assessed value if property prices in your neighborhood have risen significantly.