Property Tax Calculator
Estimates your annual property tax bill using assessed value, local millage rate, assessment ratio, and any applicable exemptions. Ideal for homebuyers or owners comparing tax burdens across jurisdictions.
About this calculator
Property tax is calculated by applying a millage rate to the taxable assessed value of a property. The formula is: Tax = (Assessed Value − Exemptions) × (Assessment Ratio / 100) × (Millage Rate / 1,000). The assessment ratio reflects that many jurisdictions tax only a fraction of market value—for example, 80% of assessed value. Exemptions such as homestead or senior exemptions further reduce the taxable base before any rate is applied. A mill equals $1 of tax per $1,000 of taxable value, so a 20-mill rate on a $200,000 taxable value yields $4,000. Understanding each component lets homeowners plan for tax bills and appeal assessments when appropriate.
How to use
Assume an assessed value of $350,000, a homestead exemption of $50,000, an assessment ratio of 80%, and a millage rate of 18 mills. Step 1: Net assessed value = $350,000 − $50,000 = $300,000. Step 2: Taxable value = $300,000 × (80 / 100) = $240,000. Step 3: Annual tax = $240,000 × (18 / 1,000) = $4,320. This is the estimated annual property tax owed before any additional local or school district levies.
Frequently asked questions
What is a millage rate and how does it affect my property tax?
A millage rate is the tax rate expressed as dollars of tax per $1,000 of taxable property value. One mill equals $1 per $1,000, so a rate of 25 mills on a $100,000 taxable value produces a $2,500 tax bill. Millage rates are set by local governments, school boards, and special districts, and can be stacked, meaning your total bill may combine several separate millage rates. Checking all applicable mills is critical for an accurate estimate.
How do property tax exemptions reduce the amount I owe?
Exemptions are dollar amounts subtracted from your assessed value before the tax rate is applied, directly shrinking the taxable base. Common exemptions include homestead (for primary residences), senior citizen, veteran, and disability exemptions. For example, a $25,000 homestead exemption at a 20-mill rate saves $500 per year. Eligibility rules vary by state and county, so it is worth researching all exemptions you qualify for.
What is the assessment ratio and why does it vary by location?
The assessment ratio is the percentage of a property's market or appraised value that is subject to taxation. Some states assess at 100% of market value, while others use ratios as low as 10–40%. The ratio exists historically to distribute the tax burden or reflect different property classes differently. When comparing tax burdens across jurisdictions, you must account for both the millage rate and the assessment ratio together, as a low rate with a 100% ratio can produce a higher bill than a high rate with a 40% ratio.