Property Tax Calculator

Estimate your annual property tax based on your home value and local tax rate. This tool processes all data locally in your browser. No information is ever sent to any server. Completely free, no registration required.

How to Use the Property Tax Calculator

1. Enter your input values above
2. Results update automatically
3. Copy or download the output

What is a Property Tax Calculator?

A Property Tax Calculator estimates your annual property tax bill based on your home's assessed value and your local millage rate (tax rate). Property taxes are typically the second-largest cost of homeownership after the mortgage, ranging from under 0.3% annually in Hawaii and Alabama to over 2% in New Jersey, Illinois, and Texas. In 2026, with home values elevated across most markets, property tax bills have risen substantially — even without rate increases. Understanding property taxes is essential for accurate housing budgeting and for comparing the true cost of homes in different states and counties.

How Does It Work?

Enter your home's assessed value (which may differ from market value — each state has different assessment ratios) and your local tax rate (expressed as mills: 1 mill = $1 per $1,000 of assessed value, or percentage: 1% = 10 mills). The calculator computes: Annual Tax = Assessed Value × Mill Rate / 1,000. It also shows equivalent monthly cost (for mortgage escrow) and compares tax burdens across different states.

Formula

Annual Property Tax = Assessed Value × Mill Rate ÷ 1,000\n\nWhere:\nMill Rate = Tax per $1,000 of assessed value\n10 mills = 1% tax rate\n\nAssessment Ratio = Assessed Value ÷ Market Value\n(e.g., 80% → $400K market value assessed at $320K)\n\nMonthly Escrow = Annual Tax ÷ 12\n\nEffective Tax Rate = Annual Tax ÷ Market Value × 100%\n\nHomestead Exemption: Reduction in assessed value for primary residences

Who Uses This Tool?

• Homebuyers budgeting total monthly housing costs in different neighborhoods
• Homeowners verifying their property tax assessment is correct
• Retirees comparing property tax burdens across states
• Real estate investors calculating operating expenses for rental properties
• Homeowners appealing inflated tax assessments with evidence

Pro Tips

• Check your assessment annually: 30-60% of properties are over-assessed. Compare your assessed value to recent neighborhood sales. Appeal deadlines vary by county
• Homestead exemptions reduce assessed value for primary residences: up to $50,000 in some states. Senior, veteran, and disability exemptions provide additional savings
• Property taxes are deductible on federal returns, but the SALT cap ($10,000 since 2018) limits combined state+local deductions. This significantly impacts high-tax states
• Escrow: most lenders require monthly property tax payments into escrow. This smooths your cost but ties up cash. Once you have 20%+ equity, you can request to manage taxes directly

Frequently Asked Questions about Property Tax Calculator

Why did my property tax bill go up if the tax rate didn't change?

Because your home's assessed value increased. Property taxes = assessed value × rate. If your home appreciated 10% and the rate stayed the same, your tax bill increased 10%. Most jurisdictions can only increase the rate (mills) by a capped amount annually.

Which states have the highest property taxes?

By effective rate: New Jersey (2.23%), Illinois (2.08%), New Hampshire (1.93%), Connecticut (1.79%), Vermont (1.76%). Lowest: Hawaii (0.27%), Alabama (0.40%), Colorado (0.52%), Louisiana (0.55%). Note that states with no income tax often have higher property taxes.

Free online Property Tax Calculator — no signup, 100% client-side processing. All data stays in your browser.