Property Tax Calculator
Estimate your annual property tax bill, your monthly escrow amount, and your effective tax rate — including any homestead exemption.
Estimated Annual Property Tax
$4,125
About $343.75 per month added to your mortgage escrow
Breakdown
| Assessed / Market Value | $400,000 |
| Homestead Exemption | −$25,000 |
| Taxable Value | $375,000 |
| Tax Rate | 1.1% |
| Effective Rate (vs. full value) | 1.031% |
| Monthly Escrow Amount | $343.75 |
| Annual Property Tax | $4,125 |
How Property Tax Is Calculated
Property tax is basically your home's taxable value multiplied by your local tax rate. That rate is often quoted as a mill rate— one mill equals $1 of tax per $1,000 of value, so a 1.1% rate is the same as 11 mills. Your county assessor sets the assessed value, which may or may not match what your home would actually sell for.
A homestead exemptionshaves a fixed dollar amount off your taxable value if the home is your primary residence, which lowers your bill. Lenders usually collect 1/12 of your annual tax each month into an escrow account, then pay the county on your behalf — that's the monthly escrow figure above.
Dig deeper with our property tax guide, learn how to fight an over-assessment in the property tax appeal guide, and see if you qualify for savings in the homestead exemption guide.
This is an estimate, not tax advice. Real bills can include separate school, county, city, and special-district levies, assessment ratios below 100% of market value, and caps on annual increases. Always confirm with your county tax assessor.
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Frequently Asked Questions
What's the difference between assessed value and market value?
Market value is what your home would sell for today. Assessed value is the figure your county uses for taxes, which may be a percentage of market value (the assessment ratio). Many areas assess at or near 100%, but some use a fraction.
What is a mill rate?
A mill is $1 of tax for every $1,000 of taxable value. So 20 mills equals a 2% tax rate. If your bill quotes mills, just divide by 10 to get the percentage rate to enter above.
How does a homestead exemption lower my bill?
It subtracts a set dollar amount from your taxable value before the rate is applied. For example, a $25,000 exemption on a $400,000 home means you're taxed on $375,000 instead. You usually have to apply once with your county.
Why is my escrow payment different from this estimate?
Lenders bundle property tax and homeowners insurance into escrow, and they add a small cushion. They also re-run an escrow analysis each year, so your monthly amount adjusts as tax rates and assessments change.
Can I appeal my property tax assessment?
Yes. If you believe your home is over-assessed compared to similar nearby sales, you can file an appeal with your county, usually within a set window after assessments go out. A successful appeal lowers your taxable value and your bill.