Property Tax Calculator
Estimate the annual and monthly property tax on a home from its value and your local rate.
How to use the Property Tax Calculator
- Enter the assessed or market value of the property.
- Enter your local property tax rate as a percentage.
- See the annual property tax and the monthly amount.
- Add it to your budget alongside your mortgage.
Annual tax = Assessed value × (rate ÷ 100) · Monthly = Annual ÷ 12
About the Property Tax Calculator
Property tax is an ongoing cost of owning a home, charged every year as a percentage of the property's assessed value. This calculator multiplies the value you enter by your local rate to give the annual bill, then divides by twelve so you can see the monthly cost — which is how it usually shows up, folded into a mortgage escrow payment. Seeing it monthly makes it easy to add to a realistic housing budget rather than being surprised by a yearly demand.
Rates are set locally and vary widely, from well under 1% to over 2% of value depending on the area, and they fund local services like schools and roads. Some places quote the rate as a millage — dollars per $1,000 of value — where 11 mills is the same as 1.1%. Because you type the rate in, the tool works either way once you convert to a percentage.
Bear in mind the taxable amount is the assessed value, which can differ from what you paid or what the home would sell for, and exemptions may reduce it further. Treat this as a planning estimate and check your local assessor for the exact figure. To size the mortgage that sits alongside it, use the mortgage calculator, or work out what you can afford with the home affordability calculator.
Frequently asked questions
What value should I use?
Use the assessed value your local authority places on the home, which drives the tax. If you only know the market price, it is a reasonable starting estimate, but the assessed value can be higher or lower.
What is a millage rate?
A millage rate is property tax expressed as dollars per $1,000 of value. To use it here, convert to a percentage: 11 mills equals 1.1%. Then enter 1.1 as the rate.
Is property tax paid monthly or yearly?
It is a yearly tax, but many homeowners pay it monthly through a mortgage escrow account. The calculator shows both so you can budget whichever way your lender collects it.