Property Tax Calculator
Estimate your annual and monthly property taxes based on your home value and local tax rate.
The national average is about 1.1%. Rates vary widely by state and county — check your local tax assessor's website.
Monthly Property Tax
$400.00
$4,800 per year
💡 Plain English: At 1.2% tax rate, your $400,000 home costs $4,800/year in property taxes — about $400.00/month. This is usually escrowed into your mortgage payment. Property taxes fund local schools, roads, and services — and they can go up if your home's assessed value increases.
About the Property Tax Calculator
Property taxes are a recurring cost of homeownership based on your home’s assessed value and your local tax rate. They are usually paid through your monthly mortgage escrow account, so they directly affect your monthly payment.
How this calculator works
Enter your home’s assessed value and your local property tax rate (or millage). The calculator shows your annual and monthly property tax burden.
The math, in plain English
Annual property tax = assessed value × tax rate. Monthly portion = annual tax ÷ 12. Rates are often quoted in "mills" (1 mill = $1 per $1,000 of value).
Key terms
- •Assessed value — the value a tax authority assigns to your home for tax purposes
- •Millage rate — the local tax rate, expressed per $1,000 of assessed value
- •Escrow — an account your lender uses to collect and pay taxes and insurance
Tips & things to know
- ✓Property tax rates vary dramatically by city and county — always check the local rate.
- ✓Assessed value may differ from market value, depending on your jurisdiction.
- ✓Some jurisdictions offer homestead exemptions that lower your taxable value.
Frequently asked questions
Are property taxes included in my mortgage?+
Often yes — lenders collect a monthly portion into escrow and pay the annual bill on your behalf.
Can my property taxes change?+
Yes. They can rise when your home is reassessed or when local tax rates change.
This calculator is for educational purposes only and uses estimates. Always consult a licensed mortgage professional for advice specific to your situation.