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.
Last updated: September 2026
Formula below · 2 sources (CFPB, Wikipedia) · Updated Sep 2026
Compare with similar
About this calculator
Property tax is calculated by applying a millage rate to the taxable assessed value of a property. The formula is: Tax = (Market Value × Assessment Ratio / 100 − Exemptions) × (Millage Rate / 1,000), never less than zero. The assessment ratio reflects that many jurisdictions tax only a fraction of market value (100% in some states, 50% or 25% in others), which gives the assessed value. Exemptions such as homestead or senior exemptions are then subtracted from the assessed value before the rate is applied. The interpretation shows the effective rate, tax ÷ market value. 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 a market value of $350,000 in a county that assesses at 50%, a $25,000 homestead exemption, and a millage rate of 30 mills. Step 1: Assessed value = $350,000 × 50% = $175,000. Step 2: Taxable value = $175,000 − $25,000 = $150,000. Step 3: Annual tax = $150,000 × (30 / 1,000) = $4,500, an effective rate of about 1.29% of market value. This is the estimated annual property tax before any additional local 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.
Related calculators
Sources & references
Think a result is wrong? Report a problem with this calculator.