Property Tax Calculator

How it works

Taxable value = assessed value × assessment ratio − exemptions · Annual tax = taxable value × (mill rate ÷ 1,000)

Property tax is the local tax that funds schools, roads and services, levied on a home's taxable value. That value starts from the assessed value — often a fraction of market value set by an assessment ratio — minus any exemptions such as a homestead reduction. The mill rate is the tax per $1,000 of taxable value: one mill equals $1 per $1,000, so 20 mills is 2.0%. Multiply the taxable value by the mill rate divided by 1,000 to get the annual bill, which lenders usually collect monthly through escrow.

Worked example

A home assessed at $350,000 with a 100% assessment ratio, no exemptions and a 20-mill rate owes 350,000 × (20 ÷ 1,000) = $7,000 a year — about $583 a month. That is an effective rate of 2.0% of value.

Frequently asked questions