Free Property Tax Calculator
Property Tax Calculator
Estimate annual and monthly property taxes using your home or property value and local property tax rate. You can also add an optional annual property value increase for a simple 5-year projection.
Enter your property tax details
Estimate annual and monthly property taxes based on property value and local tax rate.
Enter the assessed or taxable property value used for your estimate.
Enter your estimated local annual property tax rate.
Used only for the 5-year projection below. It does not change the current annual property tax estimate.
Property Tax Results
Enter your property details
Your estimated annual and monthly property tax will appear here.
How to use this property tax calculator
Enter the property value you want to use for the estimate and your applicable annual property tax rate. The calculator estimates both annual and monthly property tax.
If you enter an annual property value growth rate, you can also see a simplified five-year projection showing how estimated property taxes could change if the entered tax rate remains constant.
Property Value
Enter the taxable or assessed value appropriate for your local property tax calculation.
Property Tax Rate
Enter the annual local property tax rate as a percentage.
Monthly Estimate
See the annual estimate divided into an approximate monthly housing cost.
How property tax is calculated
Property tax is commonly calculated by applying a local property tax rate to the taxable or assessed value of real estate.
Actual calculations vary by location because state and local governments can use different assessment methods, exemptions, millage rates, levies, reassessment schedules, and tax limits.
Property Tax Formula
Annual Property Tax = Taxable Property Value × Property Tax Rate
Example: $400,000 × 1.25% = $5,000 estimated property tax per year.
How U.S. property taxes are generally determined
Property taxes in the United States are primarily administered under state and local rules. The amount owed can depend on taxable or assessed property value, local tax rates, exemptions, special assessments, and other jurisdiction-specific rules.
Because property tax systems differ by state, county, city, school district, and other taxing jurisdictions, two properties with similar market values can have substantially different property tax bills.
Assessed value vs. market value
A home's market value and assessed value are not necessarily the same. Market value generally describes an estimate of what a property could sell for, while assessed value is determined under local assessment rules for property tax purposes.
Depending on the jurisdiction, taxable value may also differ from assessed value because exemptions, assessment ratios, caps, or other local provisions can apply.
Market Value
An estimate of what a property could potentially sell for in the real estate market.
Assessed Value
A value established under local assessment rules for property tax purposes.
What is an effective property tax rate?
An effective property tax rate can be expressed as annual property tax divided by the property value used for comparison.
Effective Property Tax Rate Formula
Effective Rate = Annual Property Tax ÷ Property Value × 100
Be careful when comparing published property tax rates because the tax rate applied by a jurisdiction and an effective rate calculated from a property's value and tax bill are not always the same measure.
Property tax calculation example
Suppose the taxable property value is $400,000 and the annual property tax rate entered is 1.25%.
Property Value: $400,000
Property Tax Rate: 1.25%
Estimated Annual Property Tax: $5,000
Estimated Monthly Property Tax: about $416.67
How much is a 1% property tax rate?
If the entire property value entered is taxable and the annual property tax rate is exactly 1%, the simplified calculation looks like this:
How to calculate monthly property tax
A simple monthly property tax estimate can be calculated by dividing estimated annual property tax by 12.
Monthly Property Tax Formula
Monthly Property Tax = Annual Property Tax ÷ 12
Even when the local taxing authority bills property tax annually or in installments, converting the amount to a monthly estimate can make it easier to understand the total monthly cost of owning a home.
Are property taxes included in a mortgage payment?
Property taxes may be collected as part of a mortgage payment when the loan uses an escrow account. In that situation, the mortgage servicer generally collects an estimated amount during the year and uses the escrow funds to pay property tax bills when due.
Property tax itself is separate from mortgage principal and interest, so it is useful to include taxes when estimating the total monthly cost of homeownership.
Calculating your total mortgage payment?
Use the Mortgage Calculator to estimate principal, interest, property tax, homeowners insurance, and PMI together.
Mortgage Calculator →Why property taxes can increase over time
A property tax bill can change because of reassessment, changes in taxable value, changes in local tax rates, new levies, special assessments, changes in exemptions, or other local property tax rules.
An increase in market value does not necessarily produce an identical percentage increase in property tax because local assessment rules can affect how taxable value changes.
How the 5-year property tax projection works
The optional annual growth field provides a simplified projection by increasing the entered property value at a constant annual percentage while keeping the entered property tax rate unchanged.
The projection is useful for general planning, but it does not predict future assessments, tax rates, exemptions, or changes in local property tax law.
Your actual property tax bill may be different
Assessment limits, homestead exemptions, school taxes, special districts, municipal levies, reassessment rules, and other local provisions can materially affect actual property taxes.
Where can I find my property tax rate?
Property tax rates and assessment information are generally available from the local government agency responsible for property assessment or tax collection. Depending on your location, this may be a county assessor, property appraiser, treasurer, tax collector, municipality, or similar local agency.
Your most recent property tax bill can also help identify the taxable value and taxes actually charged to the property.
Do property tax exemptions reduce the amount owed?
Depending on the jurisdiction and eligibility requirements, exemptions can reduce taxable value or otherwise affect property tax liability. Examples can include homestead or other locally authorized exemptions.
This calculator does not automatically apply exemptions. For a more meaningful estimate, use the taxable property value and applicable rate after considering the local rules relevant to the property.
Related home and financial calculators
Mortgage Calculator
Estimate mortgage principal, interest, property tax, insurance, PMI, and total monthly payment.
Mortgage Calculator →Mortgage Amortization Calculator
See principal, interest, and remaining loan balance across a mortgage repayment schedule.
Amortization Calculator →Loan Calculator
Calculate monthly loan payments, total interest, and total repayment cost.
Loan Calculator →Income Tax Calculator
Estimate U.S. federal income tax using income and filing status.
Income Tax Calculator →Property Tax Calculator FAQ
How do I calculate property tax?
A simplified calculation multiplies taxable property value by the applicable annual property tax rate. Local rules can affect taxable value and the final tax bill.
How much is 1% property tax on a $500,000 home?
If the entire $500,000 is the taxable value and the applicable rate is exactly 1%, the simplified annual property tax estimate is $5,000, or about $416.67 per month.
How do I calculate monthly property tax?
Divide the estimated annual property tax by 12 to convert it to an approximate monthly amount.
Is assessed value the same as market value?
Not necessarily. Market value generally estimates what a property could sell for, while assessed value is established under local assessment rules for property tax purposes.
What is an effective property tax rate?
An effective property tax rate can be calculated by dividing annual property tax by property value and multiplying the result by 100.
Are property taxes included in a mortgage payment?
They can be. When a mortgage uses an escrow account, the servicer may collect an estimated monthly amount for property taxes and pay the applicable tax bills from escrow.
Why did my property tax increase?
Possible reasons include reassessment, higher taxable value, changes in local tax rates, new levies or special assessments, changes in exemptions, and other local rules.
Does this calculator include property tax exemptions?
No. The calculator uses the property value and tax rate entered by the user. Homestead exemptions and other local exemptions are not automatically applied.
Are property tax rates the same everywhere in the United States?
No. Rates, assessment methods, exemptions, levies, and billing practices can vary significantly between states and local jurisdictions.
Does a higher home value always mean proportionally higher property taxes?
Not necessarily. Assessment ratios, exemptions, tax caps, reassessment rules, and local tax rates can affect how a change in property value translates into a change in the tax bill.
Is this calculator accurate for every U.S. state and county?
No. It provides a simplified estimate based on the values you enter. Actual property tax calculations depend on the rules of the specific state and local taxing jurisdictions.
Property tax estimate only
This Property Tax Calculator provides simplified estimates for general informational and planning purposes only. Actual property taxes depend on local assessment practices, taxable values, exemptions, tax rates, special assessments, levies, reassessment rules, tax caps, and other jurisdiction-specific factors.