Your tax vs national average
Compared to the U.S. average effective rate of about 1.10%.
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Homeowners
Property Tax Calculator
Estimate your annual and monthly property tax from your home value, assessment ratio and local tax rate, with room for homestead or other exemptions, and a quick comparison to the national average.
Estimated annual property tax
$3,850
Assessed (taxable) value—
Effective rate on value—
Monthly escrow portion—
Per $1,000 of value—
Property tax, defined
Property tax is an annual tax local governments levy on real estate to fund schools, roads and services. It's based on your home's assessed value, market value times an assessment ratio, minus exemptions, multiplied by the local tax rate (sometimes quoted in mills). Rates vary widely by state and county, so two identical homes can owe very different amounts.
The formula
assessed value = market value × assessment ratio − exemptions
annual tax = assessed value × tax rate
monthly escrow = annual tax ÷ 12
annual tax = assessed value × tax rate
monthly escrow = annual tax ÷ 12
Worked example
A $350,000 home assessed at 100% with no exemptions and a 1.1% rate owes 350,000 × 0.011 = $3,850 a year, or about $321 per month in escrow. That's $11 per $1,000 of value.
Frequently asked questions
How is property tax calculated?
Assessed value × local tax rate, after exemptions.
What is an assessment ratio?
The share of market value that is taxable, often 100% but sometimes less.
What is a millage rate?
Tax in mills, $1 per $1,000; divide mills by 10 for a percentage.
What is a homestead exemption?
A reduction in taxable value for your primary home.
How does it affect my mortgage?
Lenders often escrow one-twelfth of the annual tax each month.