Property Tax Calculator

Property tax calculator for annual and monthly estimates

Property tax is one of the most predictable, recurring costs of owning real estate, but it is also one of the most commonly misunderstood. Many people only look at the sticker price of a home or the monthly loan payment and forget that property taxes can add a meaningful amount to the total monthly cost. This calculator helps you estimate your annual property tax and convert it into a monthly figure you can budget for.

To use the calculator, start with the assessed value of the property. In many areas, property tax is based on assessed value rather than market value. Then enter either your local property tax rate as a percent, or the mill rate. A mill rate is a tax rate stated as an amount per $1,000 of taxable value. If you do not know both, enter whichever one you have and leave the other blank. The calculator will use the percent rate if you provide it, otherwise it will use the mill rate.

If you qualify for exemptions, enter the exemption amount as a currency value. This reduces the taxable value before the tax is calculated. You can also include annual special assessments, which are flat charges that may be added for things like local improvements or services. Finally, if you only owned the property for part of the year, you can prorate the estimated total by entering the number of months you owned it. The results include a breakdown of the taxable value, the base property tax, the impact of special assessments, and both annual and monthly estimates.

Assumptions and how to use this calculator

• The assessed value you enter is the value used by your local taxing authority, not necessarily the market value.
• If both a percent rate and a mill rate are entered, the calculator uses the percent rate and ignores the mill rate.
• Exemptions are treated as a simple currency deduction from assessed value, and taxable value cannot go below zero.
• Special assessments are treated as a flat annual amount added after the base tax is calculated.
• Proration assumes taxes and assessments accrue evenly across the year, which may differ from your local billing schedule.

Common questions

What is the difference between assessed value and market value?

Market value is what the property could sell for, while assessed value is the value your local authority uses for tax calculations. Assessed value may be lower or higher than market value depending on local rules, assessment cycles, and caps. For a realistic estimate, use the assessed value shown on your assessment notice or tax statement.

Should I enter the tax rate or the mill rate?

Use whichever figure you have. A percent tax rate is entered as a percentage, like 1.25%. A mill rate is entered as an amount per $1,000 of taxable value, like 12.5 mills. If you enter both, the calculator uses the percent rate to avoid conflicting inputs.

What counts as an exemption in this calculator?

Exemptions in this calculator are modeled as a currency amount that reduces the taxable value, such as a homestead exemption. If your area uses a different structure, such as exemption percentages, tiered exemptions, or separate exemptions per levy, treat the exemption amount as an approximation or leave it at zero and review your official statement for detail.

Why might my real tax bill differ from this estimate?

Real property tax bills can include multiple components: different levies, voter-approved bonds, local district charges, and timing effects from mid-year rate changes. Some areas apply caps on annual increases or use phased-in assessments. This calculator is designed for a practical estimate, not a legally exact bill.

How can I make the estimate more accurate?

Use the exact assessed value from your most recent notice, confirm the current rate or mill rate for your property area, include known special assessments, and enter the correct months owned for the period you care about. If you have a prior year statement, you can compare this calculator’s estimate to that statement and adjust inputs until the results align closely.