Property Tax Calculator
Calculate annual property taxes for your home or real estate. This calculator uses assessed value and local tax rates to estimate your property tax liability.
Property Tax Summary
Payment Breakdown
Property Tax Facts
Understanding Property Taxes
Property taxes are levied by local governments on real estate and personal property. They are a major revenue source for schools, infrastructure, and local services. Property tax rates vary significantly by location and are typically expressed as a percentage of the property's assessed value.
How Property Taxes are Calculated
Property Tax Formula
Property Tax = (Assessed Value × Assessment Rate) × Tax Rate
Assessed Value
Official valuation by tax assessor
Usually less than market value
Reassessed periodically
Assessment Rate
Percentage of market value used for taxes
Often 100% but can vary
Some areas use fixed percentages
Tax Rate
Millage rate or percentage
Set by local government
Varies by jurisdiction
Property Tax Rates by State
| State | Average Rate | Median Home Value | Average Annual Tax |
|---|---|---|---|
| New Jersey | 2.40% | $400,900 | $9,621 |
| Illinois | 2.20% | $242,200 | $5,328 |
| New Hampshire | 1.90% | $403,000 | $7,657 |
| Texas | 1.80% | $229,800 | $4,136 |
| Massachusetts | 1.20% | $545,200 | $6,542 |
| Hawaii | 0.30% | $837,100 | $2,511 |
Assessment and Reassessment
Property assessments determine the taxable value of your property. Most areas reassess property values periodically, though the frequency varies. Some areas reassess annually, while others may reassess every few years or only when property changes ownership.
Exemptions and Relief Programs
Common Exemptions
- Homestead exemptions
- Senior citizen exemptions
- Disabled veteran exemptions
- Energy efficiency credits
- Historic property exemptions
Relief Programs
- Circuit breaker programs
- Property tax deferrals
- Tax credits for low income
- Freeze programs for seniors
- Assessment caps
Appealing Property Assessments
If you believe your property is over-assessed, you can appeal the assessment. This typically involves providing comparable sales data and having the property reappraised. Most jurisdictions have formal appeal processes with deadlines.
Payment Options and Due Dates
Property taxes are typically due annually, semi-annually, or quarterly. Many areas offer discounts for early payment or installment plans. Late payments can result in penalties, interest, and potential liens on the property.
Property Taxes in Mortgages
Most mortgage lenders require an escrow account for property taxes. Monthly payments include principal, interest, and a portion of annual property taxes and homeowners insurance. Escrow accounts ensure taxes are paid on time.
Special Assessments
In addition to regular property taxes, property owners may face special assessments for local improvements like road repairs, sewer systems, or flood control. These are typically one-time charges based on the benefit to the property.
Key Takeaways for Property Taxes
- Property taxes are calculated using assessed value × tax rate
- Rates vary significantly by state and locality
- Assessment rates are often 100% but can be lower
- Exemptions can reduce taxable value
- Appeals are possible if assessment seems too high
- Payment options include annual, semi-annual, or installments
- Mortgages often include tax escrow accounts
- Special assessments may apply for local improvements
- Tax rates are set by local governments
- Reassessments occur periodically