Property Tax Calculator
Estimate annual and monthly property tax from your home's assessed value, assessment ratio, tax (mill) rate, and any exemption.
How to use this tool
- Enter the property's market or appraised value.
- Set the local assessment ratio (use 100% if value is assessed in full).
- Add any exemption (e.g. homestead) and the property tax rate.
- Read your taxable value, annual tax, monthly tax, and effective rate.
Estimate your yearly and monthly property tax. Enter your home's value, the local assessment ratio, any exemption, and the tax (mill) rate to see your taxable value and bill.
Formula
Assessed value = Market value × Assessment ratio
Taxable value = max(0, Assessed value − Exemption)
Annual tax = Taxable value × Tax rate | Monthly tax = Annual tax ÷ 12
A mill rate states tax per $1,000 of value: 1 mill = 0.1%, so a 12-mill rate equals 1.2%.
How it works
Property tax is charged on a property's assessed value, which is the market value multiplied by a local assessment ratio. Many jurisdictions assess at less than 100% of market value, so the ratio matters: a $400,000 home assessed at 80% has a $320,000 assessed value before any exemptions. Exemptions — such as a homestead, senior, or veteran exemption — are subtracted from the assessed value to give the taxable value, and the tax rate is then applied to that figure.
Rates are often quoted as a millage (mills per $1,000 of value) rather than a percentage; this tool uses a percentage, where 1 mill equals 0.1%. Because assessment ratios, exemptions, and millage are set locally and change yearly, all four are editable inputs rather than baked-in tables, keeping the estimate accurate across counties and tax years. The result excludes special assessments, district levies, and any caps on annual increases your jurisdiction may apply.
Reviewed by the AbraCalc Tax Desk. This calculator provides general information, not tax advice; confirm current rates and rules with your tax authority (for the United States, the IRS).
Worked example
$400,000 home assessed at 100%, 1.2% rate
- Assessed value = 400,000 × 100% = 400,000.
- No exemption, so taxable value = 400,000.
- Annual tax = 400,000 × 1.2% = 4,800.
- Monthly tax = 4,800 ÷ 12 = 400.
- Effective rate on market value = 4,800 ÷ 400,000 = 1.2%.
Annual property tax = $4,800.00, monthly = $400.00
Annual property tax by rate (assessed value $400,000, no exemption)
| Tax rate | Annual tax | Monthly tax |
|---|---|---|
| 0.50% | $2,000.00 | $166.67 |
| 0.75% | $3,000.00 | $250.00 |
| 1.00% | $4,000.00 | $333.33 |
| 1.20% | $4,800.00 | $400.00 |
| 1.50% | $6,000.00 | $500.00 |
| 2.00% | $8,000.00 | $666.67 |
| 2.50% | $10,000.00 | $833.33 |
Key terms
- Market value
- The estimated price a property would sell for; the starting point for assessment.
- Assessment ratio
- The percentage of market value that is assessed for tax purposes.
- Mill rate
- Tax per $1,000 of assessed value; 1 mill equals 0.1% (so 10 mills = 1%).
- Homestead exemption
- A reduction in taxable value for an owner-occupied primary residence.
Frequently asked questions
- What is the difference between market value and assessed value?
- Market value is what the property would sell for. Assessed value is market value multiplied by the local assessment ratio, and it is the base your jurisdiction taxes (after any exemptions).
- How do mills relate to a percentage?
- A mill is one-tenth of one percent. A rate of 12 mills equals 1.2%. To convert mills to a percent, divide by 10; this tool takes the percentage directly.
- Does this include school or special district taxes?
- Only if you fold them into the single tax rate you enter. Many bills combine county, city, school, and special-district levies; sum those rates for a total estimate.