Property Tax Calculator
Estimate annual and monthly property tax from assessed value.
Results update as you type.
How it works
Property tax is an annual levy that local governments charge based on the value of your home, and it funds schools, roads, emergency services, and other community needs. A property tax calculator estimates the bill by multiplying your assessed value by the local tax rate, then splits it into a monthly figure so you can see what to set aside each month. Because most lenders collect property tax through escrow, that monthly number folds directly into your housing payment. Two inputs drive the result. The assessed value is the figure your local assessor assigns to the property, which may differ from what you paid or could sell for. The tax rate, sometimes expressed as a millage, is set by your municipality and can vary sharply from one town or county to the next. Multiply them and you have the annual obligation. The calculation works because property tax is fundamentally proportional: a fixed rate applied to value. That makes it easy to see how a reassessment or a rate change would move your bill, and why two similar homes in different districts can owe very different amounts. Buyers should always factor property tax into affordability, since it recurs for as long as you own and can rise over time as assessments and local budgets change.
Annual tax = assessed value × tax rate%
Property tax is levied as a percentage of a home's assessed value, so multiplying that value by the rate yields the yearly bill. Dividing the annual figure by twelve gives the monthly amount, which matters because most lenders collect it in an escrow account alongside the mortgage payment. A higher assessed value or rate raises the bill proportionally, which is why appeals and local rate changes move the number directly.
Source:Standard real estate formula
We review all our tools from time to time to ensure accuracy.
Worked example
How to use this calculator
- 1
Enter your values
Enter assessed value and tax rate.
- 2
Adjust the options
Fine-tune any options to match your situation.
- 3
Read your result
Annual property tax updates instantly as you type — no button to press.
Frequently asked questions
What is assessed value and how is it set?
Assessed value is the dollar figure a local tax assessor assigns to your property to calculate tax, and it may differ from the market price or what you paid. Assessors use methods like comparable sales, replacement cost, or income potential, and many jurisdictions reassess periodically or apply a fixed ratio to market value. Because the tax is based on this number, an inaccurate assessment directly inflates your bill.
How do I find my property tax rate?
Tax rates are set by local governments and are usually published on your county or municipal assessor's or treasurer's website, often as a percentage or as a millage rate. Your annual tax bill and mortgage escrow statement also list the effective rate. Rates vary widely by location because they reflect local budgets for schools and services, so always use the figure for your specific district rather than a state average.
Why is property tax collected monthly in escrow?
Many lenders divide your annual property tax into twelve and collect it alongside your mortgage payment, holding it in an escrow account and paying the tax authority when it comes due. This spreads a large yearly bill into manageable monthly amounts and protects the lender by ensuring the tax is paid, since unpaid property taxes can create a lien that outranks the mortgage on the property.
Can I lower my property tax bill?
Sometimes. If you believe your assessed value is too high, most jurisdictions let you file an appeal with evidence such as recent comparable sales or an independent appraisal. Many areas also offer exemptions that reduce taxable value for primary residences, seniors, veterans, or people with disabilities. Check your assessor's office for available exemptions and appeal deadlines, since these programs can meaningfully cut the bill for those who qualify.
Does property tax change over time?
Yes. Your bill can rise or fall when the local government adjusts its tax rate, when your property is reassessed to a new value, or when nearby development shifts the market. Some jurisdictions cap how fast assessments can climb each year, while others reassess at every sale. Because the tax recurs annually and can grow, factor potential increases into your long-term budget rather than assuming today's figure is fixed.