How to use the property tax calculator
- Choose what to find: the tax bill from a rate, or the rate from a tax bill.
- Enter the assessed or market value your county uses. For a bill from a rate, choose whether your rate is a percent or mills (dollars per $1,000), then enter it from your tax authority or a past bill.
- Open More options for an assessment ratio (the taxable share of the value), exemptions such as a homestead exemption, and a what-if percent change in value.
- Read the yearly bill, the monthly equivalent and the split by payment schedule. Copy, print or download the result.
Formula
Assessed value = value x assessment ratio
Taxable value = assessed value - exemptions (never below $0)
Tax = taxable value x rate % / 100, or taxable value / 1,000 x mills
Rate % = tax bill / taxable value x 100. Mills = rate % x 10
A mill is one dollar of tax per $1,000 of taxable value, so 11 mills is the same as a 1.1 percent rate. The tool uses only the rate you enter and never looks up local rates.
Worked examples
From a rate: a home assessed at $350,000 with a 1.1 percent rate owes $350,000 x 0.011 = $3,850 a year, or $320.83 a month. The same bill comes from a rate of 11 mills, since $350,000 / 1,000 x 11 = $3,850.
With an exemption: subtract a $25,000 exemption first. The taxable value is $325,000 and the bill falls to $3,575. With an assessment ratio: if only 80 percent of the value is taxable, the taxable value is $280,000 and the bill is $3,080.
A reassessment what-if: if the assessed value rises 10 percent to $385,000, the bill at the same rate becomes $4,235, which is $385 more per year. A 10 percent decrease cuts it by the same $385.
From a bill: a $3,850 bill on a $350,000 value works out to a rate of 1.1 percent, or 11 mills. If the bill is $2,800 and only 80 percent of a $350,000 value is taxable, the rate on the $280,000 taxable value is 1 percent, which is 0.8 percent of the full value.
Assessed value, taxable value and the rate
Property tax is a rate applied to a taxable value. The taxable value usually starts with an assessed value set by your local assessor, which may be below the market price, and may then be reduced by exemptions or limited by caps. Places differ on all of these, so the number on your last bill and the rules on your county website are the best inputs.
The rate can be written as a percent, as mills, or as dollars per $100 of value. They are the same thing in different units, and the result shows the percent and mill equivalents so you can compare.
Why nothing is looked up
Rates change by state, county, city, school district and special district, and the total rate on a bill is often the sum of several levies. Any single built-in rate would be wrong for most addresses, so this tool asks you to enter the combined rate. Your tax bill, your county assessor or treasurer, or the listing for the home are the places to find it.
Using the result in a budget
If you pay through a mortgage escrow account, your lender collects one twelfth of the estimated yearly bill each month and pays the tax for you. The monthly equivalent shown here is the same idea. To see the effect on the full housing payment, enter the yearly figure in the mortgage calculator or use the rate in the mortgage affordability calculator. A new buyer should also expect the bill to change after a sale if the property is reassessed, which the what-if field can illustrate.
Owners of rentals can carry the yearly tax into the rental property calculator or the cap rate calculator.
Assumptions and limits
- You supply the value, assessment ratio, exemptions and rate. No state, county or district rates are built in.
- Exemptions are a dollar amount subtracted from the assessed value. Percent-based exemptions, caps and phase-ins are not modeled.
- The yearly bill is divided evenly for the payment schedule. Real due dates, installment rules and local rounding can differ.
- The rate is applied to the taxable value you enter. Special assessments, fees and levies not included in the rate are not modeled.
- This is an estimate and not tax advice. Your assessor and tax bill control.
Frequently asked questions
How do I calculate property tax?
Multiply the taxable value of the property by the local tax rate. If the rate is in mills, divide the taxable value by 1,000 and multiply by the mills. Subtract exemptions from the assessed value before applying the rate.
What is a mill rate?
A mill is one dollar of tax for every $1,000 of taxable value, or one tenth of one percent. A rate of 11 mills equals 1.1 percent. Many local governments publish the mill rate rather than a percent.
What is the difference between assessed value and market value?
Market value is what a property would likely sell for. Assessed value is the figure your local assessor uses for tax, which may equal market value or be a fixed share of it. Use the one your tax bill is based on.
How can I find my own tax rate?
Divide a past tax bill by the taxable value shown on it, or choose the rate-from-a-bill option here to do that for you. You can also ask your county assessor or treasurer for the current combined rate.
Why might my tax change after I buy a home?
Some areas reassess a property when it sells, so the taxable value can rise toward the price you paid. Use the what-if percent field to see how a higher value changes the yearly bill at an unchanged rate.