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Property Tax Estimator

Estimate the annual property tax on a home from its assessed value and your local mill rate or percentage tax rate. Add several jurisdictions to compare the tax burden side by side and see how the same property would be taxed in different places.

Property Details

The estimated fair-market value of the property.
Assessed value as a % of market value (often 100%).
Homestead or other exemption subtracted before tax.
Taxable value = (Market value × Assessment ratio) − Exemptions
Jurisdictions

How It Works

Property tax is charged on the assessed value of a property, not always its full market value. Many jurisdictions assess at a fraction of market value (the assessment ratio), and some subtract a homestead exemption before applying the rate. The remaining amount is the taxable value:

Taxable value = (Market value × Assessment ratio) − Exemptions

By mill rate: Annual tax = Taxable value × (Mill rate ÷ 1000)

By percentage: Annual tax = Taxable value × (Tax rate ÷ 100)

A mill (or millage) is one-thousandth of a dollar, so 1 mill = $1 of tax per $1,000 of taxable value. A mill rate of 20 is the same as a 2% tax rate. Use whichever form your local tax bill or assessor publishes — this tool converts either into an annual figure and shows both the mill rate and the equivalent percentage.

Example: A home with a $300,000 taxable value in a jurisdiction with a 25 mill rate owes 300,000 × 0.025 = $7,500 per year, an effective rate of 2.5%.

Tips

Reading Your Assessment

  • Check whether your assessor uses full market value or a lower assessment ratio
  • Apply for a homestead exemption if the property is your primary residence
  • Mill rates often combine county, city, and school district levies

Comparing Places

  • A low mill rate on a high assessment can cost more than the reverse
  • Compare the effective rate, not just the headline mill rate
  • Rates change yearly — confirm the current figure with the local office

Related Utils

Closing Costs Estimator Home Affordability Mortgage Property Comparison

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