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Property Tax Calculator

Estimate your annual and monthly property tax from your home's value and your area's effective rate, with exemptions and a projection as assessments rise.

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Annual property tax

$4,050.00

Monthly (escrow) amount
$337.50
Taxable value
$450,000.00
Effective rate on full value
0.90%
Total tax over the projection
$21,502.00
Projected annual property tax

Quick answer: With the example inputs this page loads by default, the headline result (Annual property tax) comes to $4,050.00. Estimate your annual and monthly property tax from your home's value and your area's effective rate, with exemptions and a projection as assessments rise. Change any input above and every figure updates instantly in your browser.

Your inputs never leave your browser, and nothing is stored. See our privacy policy .

Fact-check: results on this page are verified against an independently coded reference oracle that covers all 106 calculators on this site. See how we verify .

Property tax is your home's taxable value times your area's effective rate, and that rate varies enormously: US homeowners paid a median of roughly 0.9 percent of home value in recent Census data, but 2023 rates ran from about 0.27 percent in Hawaii to 2.23 percent in New Jersey. This calculator turns your value, local rate, and any homestead exemption into the annual and monthly bill.

What this result means

The monthly figure is the one to budget, since most homeowners pay property tax through their mortgage escrow; check it against the escrow line on your statement. The projection matters more than the first year: assessments follow home values upward, so a 3 percent annual assessment rise compounds into a meaningfully larger bill within a decade even if the rate never changes. If your bill looks high for your area, look up your county's assessment and appeal window; assessment appeals are routine and sometimes successful. Rates here are yours to verify; your county assessor's figure beats any published average. Not tax advice.

Assumptions

  • The bill is taxable value (home value minus any homestead exemption) times the effective rate you enter. Effective rates blend every taxing authority on a parcel (county, city, school district), which is why they vary by county and why the rate is an input rather than a lookup: your county assessor or last tax bill is the authoritative source.
  • Context for the rate: Tax Foundation analysis of Census American Community Survey data puts 2023 state median effective rates on owner-occupied homes between roughly 0.27 percent (Hawaii) and 2.23 percent (New Jersey), with Illinois (2.07 percent) and Connecticut (1.92 percent) near the top and Alabama (0.38 percent) near the bottom; the national median is about 0.9 percent. State-level medians hide wide county spreads.
  • The projection grows the home's assessed value at your growth assumption and holds the rate and exemption constant. Several states cap annual assessment growth (California's Proposition 13 caps it at 2 percent and reassesses on sale); caps, reassessment cycles, and rate changes are not modeled.
  • The homestead exemption is modeled as a flat dollar reduction of taxable value, the most common structure; percentage exemptions, circuit breakers, senior freezes, and assessment ratios below market value vary by state and are not modeled.
  • This is an estimate for educational purposes only, not a tax bill or tax advice. Your county assessor's figures govern.

Key terms

Definitions for the terms this calculator uses, in our finance glossary .

How it works

A property tax bill is layers of local rates applied to an assessed value. This calculator compresses the layers into one effective rate against market value, the same convention published state comparisons use, so one number captures county, city, school district, and special-district levies together.

The math: taxable value = home value minus any homestead exemption; annual tax = taxable value x the effective rate; the monthly figure is the escrow view. The projection grows the assessed value at your growth assumption (via the same compound-growth primitive as the site’s other projections) and re-applies the exemption and rate each year, which is how bills rise even when rates never change.

The rate is deliberately an input, not a lookup. Effective rates vary more within states than between them, and your county assessor’s figure or last bill is authoritative for your parcel. For calibration, Tax Foundation analysis of Census American Community Survey data puts 2023 state median effective rates between roughly 0.27 percent (Hawaii) and 2.23 percent (New Jersey), with the national median near 0.9 percent.

Worked example

A $450,000 home at the roughly 0.9 percent national-median effective rate, no exemption.

  • Annual tax: $450,000 x 0.9% = $4,050, or $337.50 a month through escrow.
  • At 3 percent annual assessment growth, year five’s bill is $450,000 x 1.03^4 x 0.9% = $4,558.31, a 12.5 percent increase with no rate change.
  • A $50,000 homestead exemption would cut the first-year bill to $3,600.

Scope and limitations

One effective rate held constant; no assessment ratios below market value, growth caps (California’s Proposition 13 caps assessment growth at 2 percent and reassesses on sale), percentage-based or senior exemptions, circuit breakers, or mid-cycle rate changes. County-level rate data is a planned follow-up; until then, verify your rate with your county assessor. This is an estimate for education, not a tax bill or tax advice.

Sources

Frequently asked questions

How is property tax calculated?
Taxable value times the combined rate of every district that taxes the parcel: county, city, school district, and special districts. This tool compresses that stack into one effective rate against market value, the same way published state comparisons do. Your bill itemizes the real layers.
What is a good property tax rate?
It is regional, not chosen: 2023 state medians ran from about 0.27 percent in Hawaii to 2.23 percent in New Jersey (Tax Foundation, from Census data), with the national median near 0.9 percent. Low-rate states often offset with higher home prices or other taxes; Texas pairs no income tax with rates around 1.6 percent.
Why did my property tax go up when the rate did not change?
Because the assessment rose. Property tax is rate times assessed value, and assessments track home prices, so appreciation feeds straight into the bill unless your state caps assessment growth. That mechanism is exactly what this calculator's projection models with the growth assumption.
What is a homestead exemption?
A reduction in taxable value for a home you own and occupy, offered by many states: a $50,000 exemption on a $450,000 home at 1 percent saves $500 a year. Some states scale it as a percentage or add senior and veteran versions. It usually requires a one-time application with your county.
Can I appeal my property tax assessment?
Yes, every county runs an appeal process with a filing window after assessments mail out. The case is comparables: recent sales of similar homes below your assessed value. Appeals are routine, often free to file, and reduce assessments frequently enough that checking your assessment against market reality once a year is worth the ten minutes.

Related calculators

Learn how this works

New to this topic? Our companion guide explains it in plain language: How Property Taxes Are Calculated, Why Bills Rise, and When to Appeal

By Sam Sage Last reviewed .