Property Tax Estimator
Calculate your annual and monthly property taxes based on home value, assessment rate, and local tax rates. This estimator helps you understand the true cost of property ownership.
Property Tax Calculation
Tax Breakdown
Location Comparison
Understanding Property Taxes
Property taxes are a major ongoing cost of homeownership, typically paid annually or semi-annually. They fund local services like schools, roads, police, and fire protection. Understanding how property taxes are calculated helps you budget for homeownership costs.
How Property Taxes are Calculated
Property Tax = (Assessed Value × Tax Rate) - Exemptions - Credits
Assessed Value = Home Value × Assessment Rate
Key Components
- Market Value: What your home would sell for in the current market
- Assessed Value: The value determined by your local tax assessor (often 80-100% of market value)
- Tax Rate: The rate set by your local government (expressed as a percentage or per $100 of assessed value)
- Exemptions: Reductions in taxable value for seniors, veterans, disabled homeowners
- Tax Credits: Direct reductions in the tax amount owed
Property Tax Rates by State (2024)
| State | Average Tax Rate | Annual Tax ($300K Home) | Rank |
|---|---|---|---|
| New Jersey | 2.47% | $7,410 | 1 (Highest) |
| Illinois | 2.27% | $6,810 | 2 |
| New Hampshire | 2.18% | $6,540 | 3 |
| Texas | 1.80% | $5,400 | 15 |
| Florida | 0.82% | $2,460 | 35 |
| California | 0.76% | $2,280 | 40 |
| Hawaii | 0.27% | $810 | 50 (Lowest) |
Common Exemptions and Tax Relief
- Senior Exemptions: Age 65+ homeowners may qualify for reductions
- Veterans Exemptions: Disabled veterans and surviving spouses
- Disability Exemptions: Homeowners with permanent disabilities
- Low-Income Relief: Programs for homeowners with limited income
- Homestead Exemptions: Protects primary residence from excessive taxation
- Tax Credits: Direct reductions for energy-efficient improvements
Property Tax Payment Options
- Annual Payment: Due once per year (common in many states)
- Semi-Annual: Two payments per year
- Quarterly: Four payments per year
- Monthly: Through escrow with mortgage payments
- Payroll Deduction: Automatic deduction from salary
Appealing Your Property Assessment
If you believe your property is over-assessed, you can appeal the assessment:
- Review your assessment notice for deadlines
- Gather comparable sales data (comps) from your area
- Hire an appraiser or real estate agent for support
- Present evidence at the assessment review hearing
- Be prepared to pay the higher amount if appeal fails
Property Tax Millage Rate
Property tax rates are often expressed as "mills" or "mil rate":
1 Mill = $1 of tax per $1,000 of assessed value
Example: 20 mills = 2% tax rate
Tip: Property taxes can vary significantly by location and can change annually. Always check with your local tax assessor's office for the most current rates and assessment information. Consider setting aside money in a separate savings account to cover annual property tax payments.