Property Tax Calculator
Calculate your annual and monthly property taxes based on your property value, tax rate, and local assessment rules.
Property Information
Tax Calculation Results
Annual Property Tax
Monthly Tax Payment
Assessed Value
Effective Tax Rate
Understanding Property Taxes
Property taxes are annual taxes levied on real estate by local governments. The amount you pay depends on your property's assessed value and your local tax rate.
Key Components
- Property Value: The market value of your property as determined by local assessors.
- Assessment Ratio: The percentage of your property's market value used for tax purposes. Some jurisdictions assess at 100%, while others use a lower percentage.
- Tax Rate: Also known as the millage rate or mill rate. This is the amount of tax per $1,000 of assessed value.
- Exemptions: Reductions in taxable value, such as homestead exemptions, senior citizen exemptions, or veteran exemptions.
How Property Tax is Calculated
Calculation Formula
Step 1: Calculate Assessed Value = Property Value × Assessment Ratio
Step 2: Subtract Exemptions = Assessed Value - Exemptions
Step 3: Calculate Annual Tax = Taxable Value × Tax Rate
Step 4: Calculate Monthly Tax = Annual Tax ÷ 12
Example Calculation
• Property Value: $300,000
• Assessment Ratio: 100%
• Tax Rate: 1.2%
• Exemptions: $0
Annual Tax: $300,000 × 1.2% = $3,600
Monthly Tax: $3,600 ÷ 12 = $300
Property Tax Tips
Ways to Lower Your Property Tax
- • Apply for homestead exemptions
- • Appeal your property assessment if too high
- • Check for senior citizen or veteran exemptions
- • Look into agricultural exemptions if applicable
- • Keep records of home damage or deterioration
Important Considerations
- • Property taxes fund local services and schools
- • Rates can change annually based on local budgets
- • Home improvements may increase your assessment
- • Some states allow property tax deductions
- • Payment schedules vary by jurisdiction
Note: Property tax rates, assessment methods, and exemption rules vary significantly by location. This calculator provides estimates based on the information you enter. For accurate tax amounts and specific rules in your area, consult your local tax assessor's office or county property appraiser.