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Property Tax Calculator

Property tax is charged on a number that is not the price of your house. The county assesses a share of market value, subtracts any exemptions you have claimed, and then applies a mill rate set by the county, the city, the school district and whatever special districts sit over the same address. Four steps, and most owners only ever see the last one.

$

The share of market value the county assesses. Some states use 100%.

Ten mills is one percent of the taxable value.

$

Assessed value removed: homestead, senior, veteran or disability.

Results update as you type. Nothing leaves your device.

Annual property tax

$7,375 a year

$614.58 a month if the lender escrows it, which is 1.84% of the market value.

Assessed value
$320,000
Taxable value
$295,000
Tax per $100,000 of value
$1,844
Exemptions applied
$25,000

How the bill is built

StepAmount
Market value$400,000
Assessed value at 80%$320,000
Less exemptions−$25,000
Taxable value$295,000
Annual tax at 25 mills$7,375
Monthly escrow$615

One mill is one dollar per $1,000 of assessed value, which is a tenth of one percent, so ten mills is one percent and a 25-mill rate is two and a half percent of the taxable value.

The same taxable value at other mill rates

Mill rateAnnual taxMonthlyEffective rate on market value
10 mills$2,950$2460.74%
15 mills$4,425$3691.11%
20 mills$5,900$4921.48%
25 mills$7,375$6151.84%
30 mills$8,850$7382.21%
35 mills$10,325$8602.58%

The rate you are billed is the sum of several authorities: county, city, school district and special districts each set their own levy.

What a different assessment ratio would do

Assessment ratioAssessed valueAnnual taxChange against this bill
60%$240,000$5,375−$2,000
70%$280,000$6,375−$1,000
80%$320,000$7,375—
90%$360,000$8,375+$1,000
100%$400,000$9,375+$2,000

Use this after a reassessment notice: it converts the new assessed value into the bill before the mill rate is applied.

The exemptions entered remove $25,000 of assessed value, which at this mill rate is $625 a year. Homestead, senior, veteran and disability relief is either a flat amount or a percentage of value, and in most states it has to be claimed in writing rather than applied automatically.

Taxable value against exempt value

  • Taxable value$295,000
  • Exempt value$25,000

An appeal argues about the assessed value, not the mill rate: budgets set the rate, the assessor sets the value you can dispute.

This calculator walks all four, reports the bill, and translates it into the number that makes counties comparable: the effective rate, which is the tax as a percentage of market value. It also shows what a reassessment or a move would do, because the assessed value is the part you can argue about.

How this property tax calculator works

Market value, assessed value, taxable value

Market value is what the property would sell for. The assessment ratio is the share of it the county taxes: some states assess at 100%, others at a fraction, and the ratio is often the reason a bill looks lower or higher than the rate suggests.

Exemptions then come off the assessed value rather than the market value. A $25,000 homestead exemption on a property assessed at $320,000 leaves $295,000 taxable, which is a different number from $25,000 of market value and is why exemption amounts cannot be compared across states without this step.

Mill rates and the effective rate

A mill is one dollar of tax per $1,000 of assessed value, which is a tenth of one percent. Ten mills is one percent of the taxable value, so a bill with a 25-mill rate is two and a half percent of the taxable value before exemptions.

Because assessment ratios and exemptions differ, the mill rate alone cannot compare two places. Divide the bill by the market value and you get the effective rate, usually somewhere between half a percent and three percent in the United States, and that is the figure worth comparing when you are deciding where to live.

Reassessments and appeals

Counties reassess on a cycle, which can be every year or as rarely as every six. When the notice arrives, the mill rate has not changed but the value has, and the bill follows the value. That notice usually carries a deadline for an appeal, often only a few weeks.

An appeal argues that the assessor value is wrong using comparable sales, an appraisal or photographs of defects, and it is usually decided on paperwork rather than in a hearing. It is worth checking every cycle: a winning appeal cuts the bill for as long as the value stands, and in many states the reduction lasts until the next reassessment.

Worked examples

Each example below was run through the calculator on this page when the site was built, so the numbers match what you see when you enter the same inputs.

A $400,000 home in an 80% assessment state

Market value
$400,000.00
Assessment ratio
80%
Mill rate
25 mills per $1,000
Exemptions
$25,000.00

Annual property tax

$7,375 a year

$614.58 a month if the lender escrows it, which is 1.84% of the market value.

Assessed value
$320,000
Taxable value
$295,000
Tax per $100,000 of value
$1,844
Exemptions applied
$25,000

The assessed value is $320,000, the homestead exemption takes $25,000 off that, and 25 mills on $295,000 gives a bill of $7,375, or 1.84% of market value.

The same house in a county that assesses at 100%

Market value
$400,000.00
Assessment ratio
100%
Mill rate
19 mills per $1,000
Exemptions
$50,000.00

Annual property tax

$6,650 a year

$554.17 a month if the lender escrows it, which is 1.66% of the market value.

Assessed value
$400,000
Taxable value
$350,000
Tax per $100,000 of value
$1,663
Exemptions applied
$50,000

A higher assessment ratio with a lower mill rate is the same tax policy described differently: the bill is $6,650, and the effective rate of 1.66% is the only figure that compares the two counties.

After a reassessment that adds 15% to the value

Market value
$460,000.00
Assessment ratio
80%
Mill rate
25 mills per $1,000
Exemptions
$25,000.00

Annual property tax

$8,575 a year

$714.58 a month if the lender escrows it, which is 1.86% of the market value.

Assessed value
$368,000
Taxable value
$343,000
Tax per $100,000 of value
$1,864
Exemptions applied
$25,000

Nobody changed the mill rate and the bill rises by $1,200 a year. That is the notice to appeal, not the levy hearing.

Frequently asked questions

What is a mill rate?

One mill is one dollar of tax for every $1,000 of taxable assessed value, which is the same as a tenth of one percent. Ten mills is one percent, so a property with $295,000 of taxable value and a 25-mill rate pays $7,375. Rates are quoted in mills because they are the sum of several levies, each set by a different authority.

Why is my assessed value different from my market value?

Either the county applies an assessment ratio, taxing only a share of market value, or the assessment is out of date because reassessments happen on a cycle rather than every year. In a rising market the assessed value usually trails the price; after a reassessment it usually overshoots the price you would achieve on the day.

Why did my bill rise when the rate did not change?

Because the assessed value rose. The rate is set by budgets, the value is set by the assessor, and the bill multiplies the two. This is why the assessment notice matters more than the levy hearing, and why the appeal deadline on the notice is the date that decides your bill for years.

How do I appeal an assessed value?

Read the deadline on the notice, then collect comparable sales of similar homes in the same neighbourhood and period, photographs of defects the assessor may not have seen, and any recent appraisal. File in writing with the board named on the notice. Success usually rests on evidence rather than argument, and the burden is generally on the owner to show the value is wrong.

Do exemptions apply automatically?

Rarely. Most homestead, senior, veteran and disability exemptions must be claimed, some with an application and proof of eligibility, and a few states require periodic renewal. Buying a home often cancels the previous owner exemption, so a new owner should check with the county in the first year rather than assume it carried over.

How does this work with a mortgage escrow?

The lender normally collects one twelfth of the tax each month with the mortgage payment and pays the county when the bill arrives. When the assessment changes, the escrow analysis follows and the monthly payment moves with it, which is why a reassessment can raise the mortgage payment even when the rate on the loan has not changed.

Are property taxes deductible?

Property tax on a home you own is an itemised deduction subject to the state and local tax cap, so whether it helps depends on whether you itemise and on the cap in force for the tax year. That is outside this calculator, and this page is not tax advice.

Assumptions and sources

  • Method: assessed value is the market value times the assessment ratio; taxable value is the assessed value less exemptions; the bill is the taxable value per $1,000 multiplied by the mill rate. One mill is a tenth of one percent.
  • Assessment ratios, mill rates, exemption amounts and reassessment cycles are set county by county and change at every levy and reassessment, so every figure on this page is an input rather than a national average.
  • The escrow practice described, where the servicer collects one twelfth of the annual bill with each payment, is the standard arrangement on US mortgages; read your own escrow analysis for the figures. This is not legal, tax or financial advice.

Last reviewed 2026-09-14. This page is an estimate tool, not financial, tax or legal advice.Read the full disclaimer.

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