Property Tax Calculator
Property tax is typically the second-biggest homeownership cost after the mortgage. This calculator estimates your annual and monthly tax from your home's value and your local rate.
How this calculator works
Most jurisdictions calculate property tax as assessed value times a mill rate (one mill is 0.1%). The national average effective rate is about 1.1% of home value, but it varies enormously — from under 0.5% in Hawaii to over 2% in New Jersey. This calculator takes your home value and the effective annual rate (percent of value) and returns the annual and monthly tax. Lenders typically collect the tax monthly through escrow.
Frequently asked questions
What is the difference between assessed value and market value?
Assessed value is what your local assessor uses for taxation; it may lag market value or be capped by law. Your actual tax bill is based on assessed value, not what the home would sell for.
Can I lower my property tax?
The most common route is an appeal: review your assessment, gather comparable sales, and file with your county. Exemptions also help — homestead exemptions, senior discounts, and disabled-veteran exemptions can cut the bill in many states.
Is property tax deductible?
Yes — state and local taxes (SALT), including property taxes, are deductible on Schedule A up to a combined $10,000 per year for federal purposes.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.