Property Tax: $600,000 Home with $50,000 Senior Exemption
A $600,000 home with a $50,000 senior citizen exemption and 1.2% tax rate results in an annual property tax of $6,600.
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 property tax savings from a $50,000 senior exemption applied to a $600,000 home taxed at 1.2%.
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.