Free property tax calculator
Enter your assessed value, millage rate, and any exemptions — this property tax calculator shows your annual tax bill and effective rate on market value, updated live, as you type.
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Results are estimates. Consult a professional.
How the property tax calculator works
Property taxes are levied by local governments — counties, municipalities, and school districts — on the value of real estate. The amount you owe each year depends on three factors: the assessed value set by your local assessor, any exemptions that reduce that value, and the millage rate set by your taxing jurisdiction.
A "mill" equals $1 of tax per $1,000 of assessed value. A millage rate of 20 mills means you pay $20 per $1,000 of assessed value — or $4,000 on a home assessed at $200,000. The effective tax rate compares annual taxes to market value, making it the most useful metric for comparing property tax burdens across jurisdictions.
Tax Foundation — State and Local Property Tax Collections Per Capita (2024)Worked example: calculating the tax on a $350,000 home in Illinois
David owns a home in a Chicago suburb with a market value of $350,000. His county uses a 33.33% assessment ratio (one-third of market value). He qualifies for a $10,000 homestead exemption. The local combined millage rate (county + municipality + school district) is 22 mills ($22 per $1,000 assessed value).
Average effective property tax rates by state
The US average effective property tax rate is approximately 1.1% of market value, but rates vary enormously by state — from under 0.4% in Hawaii and Alabama to over 2% in New Jersey and Illinois. The table below shows a selection of states spanning the full range, with median annual tax on owner-occupied homes.
| State | Avg Effective Rate | Median Annual Tax |
|---|---|---|
| Hawaii | 0.29% | $1,893 |
| Alabama | 0.40% | $646 |
| Colorado | 0.51% | $2,017 |
| California | 0.71% | $5,237 |
| Florida | 0.86% | $2,143 |
| Texas | 1.60% | $3,872 |
| Ohio | 1.53% | $2,355 |
| Wisconsin | 1.59% | $3,472 |
| New York | 1.54% | $5,765 |
| Connecticut | 1.79% | $6,153 |
| Illinois | 2.18% | $4,942 |
| New Jersey | 2.23% | $8,797 |
Source: Tax Foundation, Property Taxes by State 2024; Lincoln Institute of Land Policy, Significant Features of the Property Tax 2024. Rates are effective rates (annual tax ÷ market value). Median taxes reflect median home values in each state.
Tips for managing and potentially reducing your property tax
Property taxes are largely set by local governments, but homeowners have more control than they realize. Appealing an incorrect assessment and claiming all eligible exemptions are the two highest-return actions most homeowners never take.
- Appeal your assessment if the value seems high — Assessors work at scale and make errors. If your assessment exceeds what comparable homes recently sold for, file a formal appeal with your county assessor's office. The appeals deadline is typically 30–90 days after you receive your assessment notice. Bring three to five recent comparable sales (comps) from your neighborhood to support your case.
- Apply for every exemption you qualify for — Homestead exemptions (for primary residences) are the most common, typically reducing assessed value by $10,000–$50,000. Veterans, seniors (65+), disabled homeowners, and agricultural landowners often qualify for additional exemptions that can cut the bill by hundreds of dollars annually. Check with your county assessor — exemptions are rarely applied automatically.
- Review your property record card for errors — Your county assessor maintains a property record card listing square footage, number of bedrooms, bathrooms, and amenities used to calculate your assessment. Errors are common: extra bathrooms, finished basements that were never completed, or incorrect lot sizes. Request a copy and flag any discrepancies.
- Understand the assessment cycle in your jurisdiction — Some counties reassess annually; others do so every 3–5 years. If your market declined after the last reassessment date, your assessment may be inflated. Conversely, if you made improvements, expect a higher assessment at the next cycle.
- Plan mortgage escrow carefully — If your lender collects property taxes through an escrow account, monitor the annual escrow analysis closely. Lenders may hold a 2-month cushion above estimated taxes; after a successful appeal, request a refund of the excess escrow balance rather than waiting for it to roll forward.
Accuracy and limitations
This calculator provides an estimate based on the assessed value, exemptions, and millage rate you enter. Actual tax bills are determined by your county tax assessor and may differ due to additional levies (special assessments for infrastructure, bond measures, fire districts), proration for mid-year sales, delinquency penalties, or changes in the millage rate that occur after the assessment date.
Property tax law is entirely state and local — there is no federal property tax and no uniform national rule. Assessment ratios, exemption amounts, appeal deadlines, and payment schedules all vary by county. For the authoritative tax bill on your specific property, contact your county assessor or visit their official online portal. Many counties now publish searchable databases of property assessments and bills.
Property tax terms defined
About this property tax calculator
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