Property Tax Calculator
Calculate your annual and monthly property tax bill directly from your county-assessed property value, local property tax rate, and optional homestead exemptions.
Assessed Property Value & Tax Rate
Monthly Equivalent: $321.04/mo
Assessed Property Tax Formula
Annual Property Tax = max(0, Assessed Property Value โ Exemption Amount) ร (Tax Rate % รท 100)- Taxable Assessed Value = County Assessed Property Value minus eligible Homestead or Senior Exemption.
- Monthly Escrow Equivalent = Annual Property Tax รท 12.
- Effective Tax Rate = (Annual Property Tax รท Full Assessed Value) ร 100.
Step-by-Step Worked Example
Calculation Steps:
- Taxable Value After Exemption = $360,000 โ $25,000 = $335,000
- Estimated Annual Property Tax = $335,000 ร 0.0115 = $3,852.50/year
- Monthly Escrow Equivalent = $3,852.50 รท 12 = $321.04/month
How to Use This Calculator
- 1Enter the assessed property value from your county tax assessor notice.
- 2Enter your local combined property tax rate as a percentage (for example, 1.15% for 11.5 mills).
- 3Optionally enter any dollar exemption (such as a homestead, veteran, or senior exemption) and select your billing frequency.
Assumptions & Limitations
- Designed for users who already know their official assessed value; if you only know fair market value and your jurisdictionโs assessment ratio, use the Property Tax Estimator.
- 10 mills equals 1.00% of taxable assessed value.
Frequently Asked Questions
What is the difference between the Property Tax Calculator and the Property Tax Estimator?
The Property Tax Calculator computes your exact bill when you already know your county Assessed Value. The Property Tax Estimator is designed for prospective buyers who start with Fair Market Value, apply a local Assessment Ratio percentage, and add special district assessments.
How do I convert a millage rate to a percentage?
One mill equals $1 of tax per $1,000 of taxable value, which is 0.1%. Divide your total millage rate by 10 to get the percentage rate (e.g., 18.5 mills = 1.85%).
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