Property Tax Estimator
Estimate your annual, monthly, and daily property tax cost from your home's assessed value and local mill rate.
*Estimates only. Actual property tax bills depend on local assessor rules and additional levies. Consult your county tax office for precise figures.
Buying a home? See what mortgage payment fits your budget.
Mortgage Loan Calculator🏠 Understanding Property Tax
What drives your annual bill and how to budget for it.
How it Works
Applies your local mill rate to your assessed home value (after subtracting any exemptions) to estimate your annual property tax bill, then breaks it down monthly and daily.
The Formula
Annual Tax = (Assessed Value − Exemptions) x Mill Rate / 1,000. A $350,000 home at a 20 mill rate owes $7,000 per year, or roughly $583/month.
Pro Tip
If you believe your home is over-assessed relative to comparable sales, most counties allow you to formally appeal the assessment — this can meaningfully lower your bill.
Frequently Asked Questions
How is property tax calculated? +
Property tax is calculated by multiplying your home's assessed value by the local mill rate and dividing by 1,000. A mill rate of 20 means $20 in tax for every $1,000 of assessed value. Local governments set mill rates annually to fund schools, roads, and public services.
What is the difference between assessed value and market value? +
Market value is what your home would sell for today. Assessed value is a figure set by your local tax assessor, often a percentage of market value (sometimes 100%, sometimes as low as 35-50% depending on the jurisdiction), used specifically to calculate your tax bill.
What is a mill rate? +
A mill rate (or millage rate) represents tax dollars owed per $1,000 of assessed property value. One mill equals $1 of tax per $1,000 of assessed value. Mill rates vary widely by county, city, and school district, often ranging from about 10 to over 40.
What are property tax exemptions? +
Many jurisdictions offer exemptions that reduce your taxable assessed value, such as homestead exemptions for primary residences, senior citizen exemptions, veteran exemptions, and disability exemptions. These are subtracted from assessed value before the mill rate is applied.
Why does my property tax bill change every year? +
Your bill can change because your home's assessed value is reassessed periodically (often reflecting local market trends), or because your local government adjusts the mill rate to meet its budget needs. Both factors move independently of each other.
Is property tax included in my mortgage payment? +
Many mortgage lenders collect an estimated monthly property tax amount as part of your payment and hold it in an escrow account, then pay the tax bill on your behalf when it's due. If you own your home outright or don't escrow, you typically pay the tax bill directly, often annually or semi-annually.