Property Tax Calculator
The yearly and monthly property tax on a home, from its value and the local rate.
Good to know. Rates vary several times over between US states: the same house can cost 2,000 or 8,000 a year in tax.
Not financial advice. Uses only the numbers and rates you enter — no live data.
How it works
In plain words
Take the assessed share of the home’s value, subtract any exemptions, and multiply by the tax rate. Divide by 12 for the monthly amount most mortgage payments include.
The formula
taxable value = value × assessed share − exemptions tax = taxable value × rate
Worked example
A 350,000 home taxed at 1.1% of its full value pays 3,850.00 a year, or 320.83 a month.
Sources
- Lincoln Institute of Land Policy, 50-State Property Tax Comparison Study Effective property tax rates on homes vary widely between US states and cities.
Sources checked October 3, 2026. 4 automated tests check its answers on every change.
About the property tax calculator
Property tax is set locally, by counties, cities and school districts, as a rate on the assessed value of a home. In the US, effective rates run from under 0.5% of the value in some states to over 2% in others, so the same house can cost several times more to own in one place than another.
The assessed value is not always the market value. Some places tax a fixed share of it, some reassess only every few years, and some cap how fast the assessment can rise. Rates are sometimes quoted in mills, dollars per 1,000 of value: 20 mills is 2%.
Exemptions lower the taxable value. The most common is a homestead exemption for your main home; others exist for seniors, veterans and people with disabilities. They usually have to be applied for.
Most lenders collect property tax monthly through an escrow account, as part of the mortgage payment. The mortgage calculator includes it; the home affordability calculator shows how it changes what you can buy.
Questions people ask
How is property tax calculated?
Assessed value, less exemptions, times the local tax rate. A 350,000 home at 1.1% pays 3,850 a year.
What is a mill rate?
Tax per 1,000 of assessed value. 15 mills means 15 for every 1,000, or 1.5%.
Is property tax included in my mortgage payment?
Often, through an escrow account: the lender collects a twelfth each month and pays the bill when it is due.