Property Tax Calculator
Assessed Value Isn't the Same as Market Value
Property tax bills confuse people because the number on the assessment notice rarely matches what the house would sell for, and the rate itself might be quoted two completely different ways depending on the jurisdiction — as a straightforward percentage, or as a mill rate expressed in dollars per thousand. This calculator supports both formats so you can work from whichever figure your local assessor actually publishes.
The Formula
By tax rate percentage:
By mill rate (1 mill = $1 of tax per $1,000 of assessed value):
Where This Calculation Matters
- Budgeting for a purchase — property tax is a permanent monthly cost baked into a mortgage escrow, and it varies enormously by county and school district.
- Comparing homes across jurisdictions — two similarly priced houses in different towns can carry very different tax bills once local mill rates are applied.
- Homestead and other exemptions — many jurisdictions reduce the taxable value for a primary residence, senior citizens, or veterans; entering that exemption shows the real bill, not the sticker figure.
- Appealing an assessment — knowing exactly how a change in assessed value flows through to the tax bill helps you judge whether an appeal is worth pursuing.
Converting Between Mill Rate and Percentage
Since a mill is 1/1000 of a dollar per dollar of assessed value, mill rates and percentage rates convert directly:
| Mill rate | Equivalent tax rate |
|---|---|
| 10 mills | 1.0% |
| 15 mills | 1.5% |
| 20 mills | 2.0% |
| 25 mills | 2.5% |
| 30 mills | 3.0% |
Mill rate ÷ 10 = tax rate as a percentage — a quick way to sanity-check either input against the other.
How to Use This Calculator
- Choose "By Tax Rate (%)" or "By Mill Rate" depending on how your local assessor quotes the rate.
- Enter the Assessed Value of the property.
- Enter the Property Tax Rate or Mill Rate from your assessment notice.
- Optionally enter an Exemption Amount if a homestead, senior, or veteran exemption applies.
- Select Calculate to see the annual tax bill and its monthly equivalent.
Related Calculations
Property tax feeds directly into the Affordability Calculator as part of the monthly housing payment, and into the Mortgage Tax Deduction Calculator as part of the SALT deduction.