Property Tax Calculator
Estimate annual property tax from assessed home value, local mill rate or tax rate, assessment ratio, and homestead exemptions for US, UK, and custom jurisdictions.
Frequently Asked Questions
How is property tax calculated?
Property tax = taxable assessed value × tax rate. Taxable assessed value is the home's assessed value (often a percentage of market value, called the assessment ratio) minus any exemptions (e.g. homestead). The tax rate is usually expressed as a mill rate — dollars owed per $1,000 of assessed value. Example: a $350,000 home assessed at 80% of market value = $280,000 assessed value; minus a $25,000 homestead exemption = $255,000 taxable; at a 20 mill rate (2%), tax = $255,000 × 0.02 = $5,100/year.
What is a mill rate and how do I convert it to a percentage?
A mill rate (or millage rate) is the tax owed per $1,000 of assessed property value. 1 mill = $1 per $1,000 = 0.1%. To convert mills to a percentage, divide by 10: a 25 mill rate = 2.5%. Mill rates are set by local governments (counties, cities, school districts) and combined into one total rate. The US national average effective property tax rate is around 0.9–1.1% of home value, but varies enormously — from under 0.3% in Hawaii to over 2.2% in New Jersey and Illinois.
What is a homestead exemption and how much can it save?
A homestead exemption reduces the taxable assessed value of a primary residence, lowering the property tax bill. Amounts vary widely by state: Florida offers up to $50,000 off assessed value; Texas offers a $100,000 exemption for school district taxes; some states (like Georgia) use a percentage-based exemption instead. Many jurisdictions also offer additional exemptions for seniors, veterans, and disabled homeowners — these can stack with the standard homestead exemption to meaningfully cut your bill.
Why is my assessed value different from my home's market value?
Most US counties don't tax 100% of market value — they apply an assessment ratio first. Common ratios: 100% in many states, but as low as 10–40% in others (e.g. some Mississippi and South Carolina property classes use ~10%, residential in Tennessee uses 25%). Assessments are also typically based on a periodic appraisal cycle (every 1–5 years), so assessed value often lags behind fast-moving market prices — this is why two equally-priced homes can have very different tax bills if assessed in different years.
How often does property tax get reassessed, and can I appeal it?
Reassessment frequency varies: annually in some counties, every 2–5 years in others, and only on sale/renovation in places with caps like California's Proposition 13 (which limits assessment increases to 2%/year until the property changes hands). If you believe your assessed value is too high relative to comparable homes, most jurisdictions allow a formal appeal with the county assessor's office — typically within 30–60 days of your assessment notice, supported by comparable sales or an independent appraisal.