Understanding your property tax liability is crucial for homeowners. This calculator helps you estimate your annual property tax based on your property's assessed value and the local millage rate.
A mill is $1 of tax for every $1,000 of assessed property value. If your millage rate is expressed as a percentage, divide by 1000 and multiply by 1000 to get the millage rate (e.g., 2.5% = 25 mills).
What is Property Tax?
Property tax is a levy on real estate. The amount of tax is determined by the value of the property (assessed value) and the tax rate set by local governments, such as counties, cities, and school districts. These taxes are a primary source of funding for local public services like schools, police, fire departments, libraries, and road maintenance.
So, your estimated annual property tax would be $7,500.
function calculatePropertyTax() {
var assessedValue = parseFloat(document.getElementById("assessedValue").value);
var millageRate = parseFloat(document.getElementById("millageRate").value);
var resultDiv = document.getElementById("result");
if (isNaN(assessedValue) || isNaN(millageRate) || assessedValue < 0 || millageRate < 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for both assessed value and millage rate.";
return;
}
var propertyTax = (assessedValue / 1000) * millageRate;
resultDiv.innerHTML = "