Property Tax Calculator
Estimate annual and monthly property tax from assessed value, mill rate, and exemptions, plus the effective tax rate.
Independently verified for accuracy
Calculator by Toolsloft ↗- Taxable value
- 325000
- Annual tax
- 6500
- Monthly tax
- 541.67
- Effective rate (%)
- 1.86
This calculator estimates annual and monthly property tax from your assessed value, the local mill rate, and any homestead or other exemption. Enter the three figures to see your taxable value, the tax bill, and the effective rate against the full assessed value. Use it to check an escrow estimate or to compare the tax load between two homes.
How this is calculated
Taxable value is the assessed value minus your exemption. The annual tax is taxable value times the mill rate divided by 1,000, since one mill equals one dollar of tax per 1,000 dollars of value. The effective rate is the annual tax divided by the assessed value.
How to use
- Enter the assessed value of the property.
- Enter the local mill rate and any exemption amount.
- Read the taxable value, annual and monthly tax, and effective rate.
Examples
- $350,000 value, 20 mills, $25,000 exemption:
annual tax $6,500.00 - $500,000 value, 12.5 mills, no exemption:
annual tax $6,250.00
FAQ
- What is a mill rate?
- A mill is one dollar of tax for every 1,000 dollars of taxable value. A 20-mill rate is the same as 2 percent of taxable value, so a $300,000 taxable home owes $6,000.
- What is the difference between assessed value and market value?
- Market value is what the home would sell for. Assessed value is the figure your local assessor uses for tax, which is often a fixed percentage of market value. This tool works from the assessed value.
- How do exemptions lower my tax?
- An exemption, such as a homestead exemption, is subtracted from the assessed value before the rate is applied, so it directly reduces the taxable value and the bill.