Estimate annual property tax from the assessed value and rate.
Calculated instantly in your browser.
How is property tax calculated?
Annual tax = taxable value × rate ÷ 100 (percent) or × mills ÷ 1,000, where taxable value = assessed value − exemption. One mill equals $1 of tax per $1,000 of value. For example, a $300,000 assessed value at 1.2% is $3,600 a year — the same as a 12-mill rate. Use your local rates for accuracy.
Understanding your result
Property tax is based on the assessed value set by your local assessor, which may differ from the market price. Rates and exemptions vary widely by location, so use your local figures for an accurate estimate.
Formula and method
Taxable value = assessed value − exemption. Annual tax = taxable value × rate ÷ 100 (percent) or × mills ÷ 1,000. One mill is $1 of tax per $1,000 of value.
Assumptions and limitations
This estimates tax from the assessed value, rate and exemption you enter. It cannot reflect the many local rules, special levies, reassessments, caps or additional exemptions that vary by area. Assessed value may lag the market too. Use your latest local figures and official notices, and treat this as guidance only.
Worked example
A $300,000 assessed value at 1.2% is $3,600 a year — the same as a 12-mill rate.
How to use this tool
- Enter the assessed value.
- Enter the rate as a percentage or in mills.
- Add any exemption and read the tax.
Common mistakes to avoid
- Using the market price instead of the assessed value.
- Confusing a millage rate with a percentage.
About the Property Tax Calculator
The Property Tax Calculator estimates the annual and monthly tax on a property from its assessed value and the tax rate, which you can enter as a percentage or in mills, minus any exemption.
Who should use this tool
Homeowners, buyers and real-estate investors budgeting for property tax.
Benefits
- Annual and monthly tax figures.
- Percentage or millage rates.
- Handles a homestead or other exemption.
- Shows the effective rate.
Practical use cases
- Budgeting the carrying cost of a home.
- Comparing tax across areas.
- Estimating escrow for a mortgage.
Frequently asked questions
What is a mill?
A mill is one-thousandth of a dollar — $1 of tax for every $1,000 of assessed value. A 12-mill rate equals 1.2%.
Is assessed value the same as market value?
Not usually. The assessed value is set for tax purposes and is often a fraction of the market value, depending on local rules.
Why might my actual property tax bill differ?
Local authorities often add special assessments, school or district levies, and periodic reassessments that this simple calculation does not include. Exemption rules and rate changes vary widely by location and can shift year to year. Always check your official assessment notice and local tax office for the exact amount.