Property Tax Calculator
Estimate your annual property tax bill from assessed value and mill rate.
Your Details
Breakdown
Visual split of the key components
- Annual Property Tax5760
Sensitivity
How the result changes across a range
How It Works
- Enter the values on the left.
- Press Calculate to see your results and charts.
- Use Reset to start over from the defaults.
Formula Used
A mill rate is the tax charged per $1,000 of assessed value — set by local taxing authorities.
Good to Know
- • Assessed value often differs from market value.
- • Some areas offer homestead exemptions that reduce the taxable assessed value.
Important Notes
- • Mill rates vary widely by county and school district.
- • Reassessments can change the taxable value over time.
Assessed Value vs. Market Value
Assessed value — the figure your property tax is actually based on — often differs from what your home would sell for on the open market. Many jurisdictions assess at a percentage of market value, or cap how quickly assessed value can rise even if the market value jumps, which is why property tax bills don't always track home price swings one-to-one.
What a Mill Rate Represents
A mill is one-tenth of a percent, so a mill rate of 18 means $18 of tax per $1,000 of assessed value, or 1.8% of assessed value overall. Mill rates are set by local taxing authorities — often a combination of county, municipal, and school district rates — which is why property tax can vary significantly even between adjacent towns with similar home values.
A Short Glossary
- Mill rate — tax charged per $1,000 of assessed value; one mill equals 0.1%.
- Assessed value — the taxable value set by the local assessor, which may differ from market value.
Trying It With Real Numbers: A $320,000 Home at an 18 Mill Rate
Monthly equivalent = $5,760 ÷ 12 = $480
That $480/month is often collected via an escrow account bundled into the monthly mortgage payment, which is why property tax significantly affects total housing cost beyond just principal and interest.
Mill Rate Comparison Table
On a $320,000 assessed value:
| Mill Rate | Annual Tax |
|---|---|
| 12 | $3,840 |
| 18 | $5,760 |
| 24 | $7,680 |
Easy Mistakes to Make About Property Tax
- Using market value instead of assessed value — these often differ significantly.
- Not checking for homestead exemptions — many areas offer reductions for primary residences.