How do I find my actual property tax rate and assessment ratio?

Check your local tax assessor’s website, property tax bill, or closing documents. They typically list assessed value, exemptions, and rates by jurisdiction. You can combine those values to approximate a single rate and ratio for use in this calculator.

Why is the estimate different from my actual bill?

Real property tax bills can include multiple millage components, fees, assessment caps, and special assessments that this tool does not model. Additionally, your assessor’s value may differ from your market estimate. Use this calculator for rough planning and budgeting, not as a substitute for official bills.

Does this account for escrow changes on my mortgage?

No. It estimates tax amounts only. Lenders adjust escrow based on actual bills and projected changes. You can, however, compare this annual estimate with your escrow disclosures to check whether they’re in the same ballpark.

Can I use this for investment properties or second homes?

Yes, as long as you enter the appropriate value, assessment ratio, tax rate, and exemptions (if any) for that property type. Some exemptions apply only to primary residences, so investment properties may have higher effective tax bills.

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Property Tax Calculator

Estimate annual and monthly property tax from home value, assessment ratio, tax rate, and exemptions.

Results

Assessed value after exemptions: $400,000
Estimated annual property tax: $4,800
Estimated monthly property tax: $400

How to use this calculator

Enter your estimate of the property’s market value (purchase price, appraisal, or a current market estimate).
Enter the assessment ratio used in your area, if applicable. In many places this is 100%; in others, properties are assessed at a lower percentage of market value.
Enter any exemptions or abatements you expect to qualify for, such as a homestead exemption, senior exemption, or disabled veteran reduction.
Enter the combined property tax rate as a percentage of assessed value (for example, 1.2% as 1.2).
Review the assessed value after exemptions, estimated annual tax, and estimated monthly tax payment.

Inputs explained

Home value: An estimate of your property’s market value. This could be a purchase price, appraisal, tax assessment, or online valuation. Local tax offices often use their own assessed value, but this calculator starts with your best estimate.
Assessment ratio (%): The percentage of market value that your jurisdiction uses to determine assessed value. Many areas use 100% (full value), but some states and counties assess at a lower percentage (for example, 80–90%).
Property tax rate (% of assessed value): The combined property tax rate applied to assessed value, expressed as a percentage. If your area uses mill rates, convert by dividing mills by 10 (for example, 12 mills ≈ 1.2%).
Exemptions/abatements: Dollar amount of any property tax exemptions you qualify for (such as homestead, senior, disability, or veteran exemptions) that reduce assessed value before the tax rate is applied.

How it works

Many jurisdictions do not tax the full market value of a property. Instead, they apply an assessment ratio (for example, 85% of market value) and then subtract exemptions or abatements (such as homestead exemptions).

We first compute assessed value before exemptions as home value × (assessment ratio ÷ 100).

We then subtract exemptions/abatements from that amount to get assessed value after exemptions, floored at zero so it never goes negative.

Next, we calculate annual property tax as assessed value × (tax rate ÷ 100), where the tax rate is the combined rate for your jurisdiction expressed as a percentage of assessed value.

Finally, we divide the annual tax by 12 to show an estimated monthly property tax, which can be helpful for escrow planning or monthly budgeting.

Formula

The calculator follows three main steps:\n\n1. Assessed value before exemptions = Home value × (Assessment ratio ÷ 100).\n2. Assessed value after exemptions = max(Assessed value before exemptions − Exemptions, 0).\n3. Annual property tax = Assessed value after exemptions × (Tax rate ÷ 100).\n4. Monthly property tax ≈ Annual property tax ÷ 12.

When to use it

Budgeting property taxes when evaluating a new home purchase and estimating your total monthly housing payment including escrow.
Comparing property tax burdens across different cities, counties, or states that use different assessment ratios and tax rates.
Modeling how a change in home value, assessment ratio, or exemption eligibility could affect your annual tax bill.
Helping renters or first-time buyers understand how property tax fits into the overall cost of owning a home.

Tips & cautions

Check your local tax assessor’s website for the exact assessment ratio, exemptions, and combined tax rate; this calculator is only as accurate as the numbers you provide.
If your bill lists separate millage rates for county, city, school district, and special districts, you can add them together and convert to a single percentage for this tool.
Recalculate periodically as your home value, exemptions, or tax rates change—property taxes can move over time even if your mortgage payment stays fixed.
If your mortgage lender escrows property taxes, compare this calculator’s annual estimate with amounts shown on your closing disclosure or annual escrow statement.
Assumes a single combined tax rate and does not separately model school, city, county, or special district millage; real bills may have multiple line items and fees.
Does not account for assessment caps, phased‑in assessments, or circuit breaker programs that limit annual increases for certain homeowners.
Ignores non-tax charges sometimes included on property tax bills (such as utility assessments or special assessments).
Uses your supplied home value; actual assessed values can differ and may lag market conditions, especially in rapidly changing markets.

Worked examples

Example 1: Full-value assessment, no exemptions

Home value = $400,000; assessment ratio = 100%; tax rate = 1.2%; exemptions = $0.
Assessed value = 400,000 × 1.00 = $400,000.
Annual tax = 400,000 × 0.012 = $4,800.
Monthly tax ≈ 4,800 ÷ 12 = $400 per month.

Example 2: Partial assessment with homestead exemption

Home value = $400,000; assessment ratio = 85%; tax rate = 1.5%; exemptions = $25,000.
Assessed value before exemptions = 400,000 × 0.85 = $340,000.
Assessed value after exemptions = 340,000 − 25,000 = $315,000.
Annual tax = 315,000 × 0.015 = $4,725; monthly ≈ $394.

Example 3: Comparing two areas

Area A: home value = $350,000, assessment ratio = 100%, tax rate = 2.0%. Annual tax = 350,000 × 0.02 = $7,000.
Area B: home value = $350,000, assessment ratio = 90%, tax rate = 1.2%. Assessed = 350,000 × 0.9 = 315,000; annual tax = 315,000 × 0.012 = $3,780.
The calculator highlights how different assessment ratios and rates can lead to very different tax bills on the same home value.

Deep dive

Use this property tax calculator to estimate annual and monthly property taxes from home value, assessment ratio, tax rate, and exemptions.

Enter your home’s value, local assessment ratio, combined tax rate, and any exemptions to see assessed value, annual property tax, and an approximate monthly amount for budgeting or escrow planning.

Great for homebuyers, homeowners, and real estate professionals who want a quick, transparent view of how local tax rules affect property tax bills.

FAQs

How do I find my actual property tax rate and assessment ratio?: Check your local tax assessor’s website, property tax bill, or closing documents. They typically list assessed value, exemptions, and rates by jurisdiction. You can combine those values to approximate a single rate and ratio for use in this calculator.
Why is the estimate different from my actual bill?: Real property tax bills can include multiple millage components, fees, assessment caps, and special assessments that this tool does not model. Additionally, your assessor’s value may differ from your market estimate. Use this calculator for rough planning and budgeting, not as a substitute for official bills.
Does this account for escrow changes on my mortgage?: No. It estimates tax amounts only. Lenders adjust escrow based on actual bills and projected changes. You can, however, compare this annual estimate with your escrow disclosures to check whether they’re in the same ballpark.
Can I use this for investment properties or second homes?: Yes, as long as you enter the appropriate value, assessment ratio, tax rate, and exemptions (if any) for that property type. Some exemptions apply only to primary residences, so investment properties may have higher effective tax bills.

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This property tax calculator provides simplified estimates of annual and monthly property tax based on user-supplied home values, assessment ratios, tax rates, and exemptions. It does not account for all local rules, special assessments, or future changes in rates and is not tax, legal, or financial advice. Always refer to your official property tax bill and local assessor or a qualified professional for precise amounts and planning decisions.