Property Tax Calculator
Estimate your yearly property tax, calculate exemptions, and see exactly how much it adds to your monthly mortgage payment.
Property Details
Current market price or purchase price.
Some counties assess at <100% of market value.
Homestead, senior, or disability deductions.
Combined city, county, and school tax rate.
Tax Assessment Estimate
For Planning Purposes Only
Estimated Annual Tax
Monthly Escrow Impact
Know the Tax Before You Buy
Property tax can change your real housing cost more than many buyers expect.
A property tax calculator helps you estimate annual taxes, monthly tax cost, and how much may be added to your mortgage payment through escrow.
Tax Formula
Property tax is usually based on your assessed property value and local tax rate.
Property Tax = Assessed Value × Tax Rate
Some areas use a percentage rate, while others use mill rates. The exact method depends on local rules.
Assessed Value
Assessed value is not always the same as the purchase price.
Local tax offices may calculate value differently based on market value, assessment ratios, and reassessment schedules. Our calculator lets you adjust the assessment ratio to match your local county rules.
Monthly Impact & Escrow
Property tax is often shown yearly, but it affects your monthly budget.
If your annual tax is $6,000, the monthly cost is about $500.
Many lenders collect property taxes through escrow. Your monthly payment may change if taxes increase, your assessment changes, or your escrow account has a shortage.
Key Inputs Required:
- Home value
- Assessed value
- Local tax rate
- Exemptions
Exemptions
Some owners may qualify for exemptions or tax relief.
These can depend on location, primary residence status (homestead), age, disability, veteran status, or local homeowner programs. You can enter your expected exemptions directly into the calculator to see your true net tax.
Smart Use
Use the calculator to compare:
- Different counties
- High-tax vs. low-tax areas
- Monthly escrow impact
- Tax with exemptions
- Estimated tax before buying
- Payment changes after reassessment
Tax Budget Note
A property tax calculator helps you see one of the biggest ongoing costs of homeownership.
By estimating yearly tax, monthly escrow, exemptions, and local rate differences, you can plan your housing budget with more confidence before making an offer on a home.
Quick Answers
How is property tax calculated?
Property tax is calculated by multiplying your property's assessed value by the local tax rate. The assessed value is determined by a local tax assessor and is often, but not always, lower than the home's actual market value.
What is the difference between market value and assessed value?
Market value is what a buyer is willing to pay for your home. Assessed value is a value assigned by your local government specifically for the purpose of calculating property taxes. Many counties use an 'assessment ratio' where they only tax a percentage of the market value.
What does it mean to pay property taxes through escrow?
When you pay through escrow, your mortgage lender divides your estimated annual property tax by 12 and adds that amount to your monthly mortgage payment. The lender holds this money in a special account and pays the tax bill on your behalf when it is due.
What are property tax exemptions?
Exemptions are deductions that lower your property's taxable value, which reduces your final tax bill. Common exemptions include the homestead exemption (for your primary residence), and exemptions for seniors, veterans, or disabled individuals.