Property Tax Calculator

About this calculator

Property tax is calculated by multiplying a home’s assessed value — a value set by the local tax assessor, which can differ significantly from market value — by the local tax rate, often expressed as a percentage or in mills (dollars per $1,000 of assessed value).

Assessed values and tax rates are set independently by each taxing jurisdiction (county, city, school district) and are typically reassessed on a multi-year cycle, so the same market price can produce very different tax bills in different areas. This calculator multiplies the assessed value by the tax rate to give the annual bill, then divides by twelve for the monthly equivalent often escrowed into a mortgage payment.