Property Tax Calculator
Property taxes are a major ongoing cost of homeownership. Calculate your annual and monthly tax bill, and see how it grows over time as your home appreciates.
What you'll need
- Home's assessed value
- Property tax rate (from county records)
- Expected annual appreciation rate
What you'll get
Annual & monthly tax
Current year estimate
Year 1, 5, 10 projection
Future tax bills
10-year total tax
True long-term cost
Monthly PITI contribution
For mortgage planning
How It Works
Enter assessed value
Most counties assess at 80–100% of market value. Check your tax bill for the assessed value.
Find your mill rate
Mill rates vary widely — check your county assessor's website for the local rate.
Calculate annual and monthly tax
Annual tax = (assessed value ÷ 1,000) × mill rate. Divide by 12 for monthly escrow.
Property Tax by State (Effective Rate)
| State | Avg Effective Rate | On $300K Home |
|---|---|---|
| New Jersey | 2.23% | $6,690/yr |
| Illinois | 2.05% | $6,150/yr |
| Texas | 1.60% | $4,800/yr |
| California | 0.76% | $2,280/yr |
| Hawaii | 0.28% | $840/yr |
Frequently asked questions
How is property tax calculated?
Property tax = assessed home value × tax rate. The assessed value is determined by your local tax assessor (often different from market value), and the rate is set by local government. In many states, assessed value is capped or rises slowly even as market values surge.
What is the average property tax rate in the US?
The US average effective property tax rate is about 1.1% of home value per year. However, rates vary dramatically by state — New Jersey averages ~2.2%, while Hawaii averages ~0.3%. Your actual rate depends on your county, city, and any special assessments.
Can I appeal my property tax assessment?
Yes — if you believe your assessment is too high, you can file an appeal with your county assessor. Successful appeals typically require evidence like recent comparable sales showing your home is worth less than the assessment. Many homeowners who appeal get reductions.
How is property tax included in my mortgage payment?
Most lenders require an escrow account that collects 1/12th of your estimated annual property tax each month along with your P&I payment. The lender holds these funds and pays your tax bill when it's due. If your taxes rise, your lender adjusts the escrow payment — which can cause your total monthly payment to increase even with a fixed-rate mortgage.
Are there property tax exemptions for homeowners?
Yes — many states offer homestead exemptions that reduce your assessed value if the home is your primary residence, lowering your tax bill. Additional exemptions exist for seniors, veterans, and disabled homeowners. Check with your county assessor's office to see which exemptions you qualify for — many homeowners leave money on the table by not applying.
Ready to estimate your tax bill?
Calculate My Property Tax →