Property Tax Calculator
Estimate your annual property tax based on your home's assessed value and local tax rate. Compare rates across states.
Annual Property Tax
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Monthly Tax
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Assessed Value
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Taxable Value
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Effective Rate
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Tax per $1,000
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How to Use the Property Tax Calculator
- Enter your home value: Type the current market value of your property.
- Set assessment ratio: The percentage of market value used for tax (often 100%, varies by area).
- Select state or enter rate: Choose a state average or enter your local tax rate.
- Add exemptions: Enter any homestead exemption amount you qualify for.
- View results: See your annual and monthly property tax estimates.
Property Tax Formula
- Assessed Value: Home Value x Assessment Ratio
- Taxable Value: Assessed Value - Exemptions
- Property Tax: Taxable Value x Tax Rate
Frequently Asked Questions
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence, lowering your property tax bill. Many states offer exemptions for primary residences, seniors, veterans, and disabled persons. The amount varies widely by state and municipality.
What is an assessment ratio?
The assessment ratio is the percentage of your home's market value used to calculate your assessed value for tax purposes. While many areas assess at 100% of market value, some use lower ratios (e.g., 80% or 50%). Check with your local assessor's office for your area's ratio.
Can I deduct property taxes on my federal return?
Yes, property taxes are deductible on federal income tax returns if you itemize deductions. However, the SALT (State and Local Tax) deduction is currently capped at $10,000 per year, which includes property taxes plus state and local income or sales taxes combined.