How to use the property tax calculator
- Enter the home's value. Use the market value, or the assessed value from your last assessment notice with the ratio set to 100%.
- Set the assessment ratio. Some places tax 100% of market value; others tax only a share of it. Your assessor's website lists the ratio.
- Add exemptions. Homestead, senior, veteran and disability exemptions reduce the taxable value. Enter the dollar amount.
- Enter the tax rate. Use a percentage, or switch to a mill rate if that is how your bill lists it.
Property tax formula
Taxable value = assessed value − exemptions
Annual tax = taxable value × tax rate
1 mill = $1 per $1,000 of taxable value = 0.1%
Worked example
A $350,000 home assessed at 100% with a $50,000 homestead exemption has a taxable value of $300,000. At a 1.1% rate (11 mills) the tax is $3,300 a year, or $275 a month in escrow. That is an effective rate of 0.94% on the full home value.
Percent vs mill rate
| Mill rate | Same as | Tax on $300,000 taxable |
|---|---|---|
| 5 mills | 0.5% | $1,500 |
| 10 mills | 1.0% | $3,000 |
| 15 mills | 1.5% | $4,500 |
| 20 mills | 2.0% | $6,000 |
| 25 mills | 2.5% | $7,500 |
A total rate is usually the sum of several levies: county, city, school district and special districts.
How to lower your property tax
- Claim every exemption. Homestead exemptions often must be filed once after you buy; they are not automatic everywhere.
- Check your assessment. Look for errors in square footage, bedrooms or lot size on your property record.
- Appeal if the value is too high. Compare recent sales of similar homes. Appeal deadlines are short, often 30 to 60 days after the notice.
- Ask about senior or disability freezes that cap the assessed value.
Budgeting for a purchase? Prepaid property tax is part of your closing costs, and the monthly amount belongs in your budget.
For planning only. Tax rules, ratios and exemptions vary by state, county and city.
Frequently asked questions
How is property tax calculated?
Multiply the assessed value by the assessment ratio, subtract exemptions, then multiply by the tax rate. A $300,000 taxable value at 1.1% is $3,300 a year.
What is a mill rate?
One mill is $1 of tax for every $1,000 of taxable value, or 0.1%. A rate of 11 mills equals 1.1%.
How do I find my property tax rate?
Look at your last tax bill or your county assessor or treasurer website. Bills usually list each levy and the total rate or mill rate.
How much is property tax per month?
Divide the annual tax by 12. A $3,300 yearly bill is $275 a month, which is what a lender usually collects in escrow with your mortgage payment.
What is a homestead exemption?
A reduction in taxable value for a home you live in as your primary residence. Rules and amounts vary by state, and you often need to apply for it.
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Last updated October 2026.