Property Tax Estimator
Estimate your annual property tax based on your property's assessed value, assessment ratio, and local mill rate (tax rate per $1,000 of assessed value).
Percentage of market value used for tax purposes (commonly 80–100%)
1 mill = $1 per $1,000 of assessed value. U.S. average ≈ 10–20 mills.
Amount subtracted from assessed value before tax is applied (e.g. homestead exemption)
Formula
Step 1 – Assessed Value
Assessed Value = Market Value × (Assessment Ratio ÷ 100)
Step 2 – Taxable Value
Taxable Value = max(0, Assessed Value − Exemption)
Step 3 – Annual Property Tax
Annual Tax = Taxable Value × (Mill Rate ÷ 1,000)
Step 4 – Monthly Equivalent
Monthly Tax = Annual Tax ÷ 12
Step 5 – Effective Tax Rate
Effective Rate = (Annual Tax ÷ Market Value) × 100
Assumptions & References
- Mill rate (also called millage rate) is the tax rate expressed as dollars per $1,000 of assessed value. The U.S. national average is roughly 10–20 mills, but rates vary widely by county and municipality.
- Assessment ratio is the fraction of market value used as the tax base. Many jurisdictions assess at 100% of market value; others use 80%, 50%, or other ratios set by state law.
- Homestead exemption reduces the taxable assessed value for owner-occupied primary residences. Common amounts range from $5,000 to $50,000+ depending on the state.
- This estimate does not include special assessments, school district levies billed separately, or senior/veteran exemptions beyond the single exemption field.
- Formula reference: Lincoln Institute of Land Policy – Property Tax Fundamentals (www.lincolninst.edu); IAAO Standard on Property Tax Policy.
- Results are estimates only. Contact your local county assessor's office for official tax figures.