Property Tax Calculator

Property taxes quietly shape the real cost of owning a home, and seeing both the annual and monthly figures in advance makes budgeting far more honest, particularly when you are weighing a purchase or a refinance. The estimate here draws on your home's market value, the tax rate, the assessment ratio, and any homestead exemption you qualify for.

The annual figure follows the formula (Market Value times Assessment Ratio minus Homestead Exemption) times Millage Rate. A millage rate is the tax per $1,000 of assessed value, and the calculator takes it as a percentage: 15 mills is 1.5%. The rate field opens at 0.89%, the national average effective rate (property tax paid as a share of home value, 2024 American Community Survey via NAHB), or at the state's average on a state page. An effective rate already reflects local assessment practices and exemptions, so use it with the assessment ratio at 100% and no exemption. Dividing that annual amount by 12 yields a monthly equivalent, which tends to slot more naturally into how most households actually plan their spending.

Treat the result as an estimate rather than a bill, because local levies, reassessments, and new municipal measures can move the actual number. The assessment ratio deserves particular attention, since it sets how much of your market value is taxable in the first place and is easy to overlook. Homestead exemption rules also differ from place to place and can trim your liability meaningfully, so it is worth confirming exactly how yours works.