Property Tax Calculator
Calculate your monthly and annual property tax based on your home value and local tax rate. Enter a ZIP code to automatically look up your county's effective tax rate, then compare how taxes scale across different home values.
Property Tax Calculator Inputs
Enter Property Details
Your Property Tax Results
Estimated Monthly Property Tax
- Monthly Property Tax
- $350.00 /mo
- Monthly Tax
- $350.00
- Annual Tax
- $4,200.00
- Daily Cost
- $11.51
Property Tax at Different Home Values
| Home Value | Monthly Tax | Annual Tax |
|---|---|---|
| $280,000 (80%) | $280.00 | $3,360.00 |
| $315,000 (90%) | $315.00 | $3,780.00 |
| $350,000 (100%) current | $350.00 | $4,200.00 |
| $385,000 (110%) | $385.00 | $4,620.00 |
| $420,000 (120%) | $420.00 | $5,040.00 |
How Property Taxes Work
Property taxes are levied by local governments — counties, cities, and school districts — to fund public services including schools, roads, emergency services, and local infrastructure. They are typically the largest recurring cost of homeownership after the mortgage itself.
Your property tax is calculated by multiplying your home's assessed value by the local tax rate (also called the mill rate). Assessed values may differ from market values depending on your jurisdiction's assessment practices and any caps on annual increases.
Property Tax Rates by State
Lowest Tax States
- Hawaii: ~0.27%
- Alabama: ~0.39%
- Colorado: ~0.49%
- Louisiana: ~0.53%
- South Carolina: ~0.55%
Highest Tax States
- New Jersey: ~2.23%
- Illinois: ~2.08%
- New Hampshire: ~1.93%
- Connecticut: ~1.79%
- Vermont: ~1.73%
Ways to Reduce Your Property Taxes
Appeal Your Assessment
If you believe your home is assessed higher than its market value, file an appeal with your county assessor. Gather comparable sales data to support your case.
Apply for Exemptions
Many jurisdictions offer homestead exemptions, senior citizen discounts, veteran exemptions, and disability exemptions that reduce your taxable value.
Check for Errors
Review your tax bill for errors in square footage, lot size, number of rooms, or other property characteristics that affect valuation.
Stay Informed
Attend local budget hearings and vote on tax levies and bonds. Understanding how your tax dollars are spent can help you advocate for responsible taxation.
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Frequently Asked Questions
What is the difference between assessed value and market value?
Market value is what a willing buyer would pay. Assessed value is the value your county assigns for tax purposes. In some states they are the same, but in many states the assessed value is a fraction of market value (e.g., Georgia assesses at 40% of market value).
How often are property taxes reassessed?
Reassessment frequency varies by jurisdiction. Some counties reassess annually, others every 2-5 years. Many states also reassess when a property is sold. Check with your local assessor's office for your area's schedule.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence. For example, a $50,000 homestead exemption on a $350,000 home means you only pay taxes on $300,000. Most states offer some form of homestead exemption, but amounts and eligibility vary significantly.
Are property taxes deductible on my federal income tax?
Yes, if you itemize deductions. However, the Tax Cuts and Jobs Act of 2017 capped the total deduction for state and local taxes (SALT) — including property taxes, income taxes, and sales taxes — at $10,000 per year ($5,000 if married filing separately). This cap particularly affects homeowners in high-tax states.
What happens if I don't pay my property taxes?
Unpaid property taxes accrue penalties and interest. If taxes remain unpaid, the local government can place a tax lien on your property, and eventually proceed with a tax sale. If you have a mortgage, your lender's escrow account typically prevents this situation.
How accurate is this property tax calculator?
The calculation is straightforward (home value x tax rate) and is accurate to the cent. The ZIP code tax rates are derived from U.S. Census Bureau ACS data and represent effective rates (actual taxes paid / home value), which may differ slightly from the statutory rate in your jurisdiction. Contact your county assessor for exact figures.