Finance category
Mortgage, loan, investing, tax, and money calculators.
Property Tax Calculator
Translate a mill rate or percent tax rate into an annual property tax bill. Factor in assessment ratio, homestead and senior exemptions, and project the tax forward as property values appreciate.
Property value
Percent of market value used for assessment. Many states use 80–100%.
Exemptions
Senior, veteran, disability, or agricultural exemptions combined.
Tax rate
One mill = $1 per $1,000 of assessed value.
Project forward
Annual property tax
$6,221
$518/mo in escrow
Effective rate
1.46%
of market value
Taxable value
$336,250
after $25,000 exemptions
Projected tax in 5 yrs
$7,285
at 3.0% appreciation
How the bill is built
Effective rate is in the typical U.S. range of 0.8–1.5% of market value.
States publish millage rates that combine school, county, municipal, and special-district levies. Check your assessor's site for the full breakdown and the correct assessment ratio — some states apply a fractional ratio only to residential, not commercial, property.
How to Use
- Enter market value — the estimated resale price, not the assessed value.
- Set the assessment ratio (the percent of market value your jurisdiction actually taxes).
- Add homestead and other exemptions that reduce taxable value.
- Pick mill rate or percent rate — either works as long as it matches what your assessor publishes.
- Set appreciation and a year count to project the future tax bill for budgeting or escrow planning.
Frequently Asked Questions
What is a mill rate?
A mill rate is tax per $1,000 of assessed value. A 20-mill rate on $200,000 of assessed value produces $4,000 of tax. To convert to a percent rate, divide the mill rate by 10 — a 20-mill rate equals 2.0%.
What is assessment ratio?
The assessment ratio is the fraction of market value that the taxing jurisdiction uses to compute assessed value. Some states use 100%, meaning the assessment equals market value. Others use 40%, 60%, or another fraction. The mill rate is then applied only to the assessed portion.
How does a homestead exemption lower my tax?
A homestead exemption subtracts a fixed dollar amount from assessed value before the mill rate is applied. A $25,000 homestead on a property assessed at $200,000 at a 20-mill rate saves $500 per year in tax.
Why is my actual tax bill different from this estimate?
Actual bills often combine multiple overlapping levies — school district, county, municipality, and special districts. Some jurisdictions layer a separate mill rate for bond measures or fire districts. Use your assessor's annual notice for the authoritative breakdown.
Can I use this for a rental or investment property?
Yes. Leave homestead and other exemptions at zero since most investment properties don't qualify. Plug the result into the rental cash flow calculator as part of monthly operating expenses.
Related Calculators
Escrow Shortage Calculator
Model escrow balance, required cushion, and the shortage when property tax rises year over year.
Mortgage Calculator
Add this property tax estimate to your full PITI mortgage payment.
Closing Cost Calculator
Prepaid property tax is one of the largest buyer-side closing-day line items — model it here.
Home Affordability Calculator
Higher property tax lowers the home price you can afford at a given monthly budget.
Rental Cash Flow Calculator
Use this estimate as the annual tax line on an investment property operating statement.
More Finance Calculators
Browse all finance →AI Cost Calculator
Compare token costs across OpenAI, Anthropic, and Google AI models. Calculate monthly API spending for GPT-4o, Claude, Gemini, and more.
Tip Calculator
Calculate the perfect tip and split the bill between friends. Choose preset percentages or enter a custom tip amount.
Bill Splitter Calculator
Split an uneven restaurant bill by item, divide tax and tip proportionally, and see exactly who owes whom.
Discount Calculator
Calculate sale price, discount amount, stacked discounts, sales tax, and total savings for any markdown.
Gas Mileage Calculator
Calculate MPG or km/L, estimate trip fuel cost, and compare annual fuel expenses between two vehicles.
Sales Tax Calculator
Add sales tax to a price, reverse-calculate the pre-tax amount from a total, and estimate tax for multiple items on one receipt.
Keep exploring
Next steps in Finance
Previous calculator
Property Selling Cost Calculator
Add commission, transfer tax, title, staging, repairs, prorations, and loan payoff to compute net to seller.
Next calculator
Quarterly Estimated Tax Calculator
Plan federal, SE, and state estimated payments for self-employed and 1099 income with safe-harbor protection.