Estimate your annual and monthly property tax based on your home's assessed value and local tax rate.
Property tax is a recurring local tax charged on real estate, usually based on the assessed value of the home and land. Local governments use it to fund schools, roads, and public services. The rate is often called a "mill rate" and is expressed here as a simple percentage of assessed value.
Taxable Value = Assessed Value − Exemption Amount
Annual Property Tax = Taxable Value × (Tax Rate ÷ 100)
Monthly Equivalent = Annual Property Tax ÷ 12
1. Enter your home's assessed value (this is often different from its market value — check your local assessor's notice).
2. Enter your local property tax rate as a percentage.
3. If you qualify for a homestead or other exemption, enter the exemption amount (or leave as 0).
4. Click Calculate to see your estimated annual and monthly tax.
Home assessed at $300,000, tax rate 1.1%, with a $25,000 exemption:
Taxable value = $300,000 − $25,000 = $275,000
Annual tax = $275,000 × 0.011 = $3,025
Monthly equivalent = $3,025 / 12 ≈ $252.08
Assessed property value × local tax rate (mill rate), which varies by jurisdiction.
Assessed value is set by a local tax authority for taxation, which may differ from actual market sale value.
Local governments set rates based on budget needs for schools and services.