Property Tax Calculator
Turn an assessment and a mill rate into a real bill.
Property Tax Calculator
Tax = (Market value × assessment ratio) × mill rate / 1,000
Calculated instantly
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What This Calculator Does
The Property Tax Calculator converts a market value, a local assessment ratio, and a mill rate into an annual and monthly property tax bill. It also shows the effective rate on market value, which is the number to compare between jurisdictions.
How It Works
The assessment ratio converts market value into the assessed value that the tax is actually levied on. The mill rate is applied per 1,000 of assessed value. Dividing the annual bill by twelve gives the monthly amount that often sits inside a mortgage escrow payment.
Example
A 450,000 property assessed at 100% with a 10 mill rate has a 450,000 assessed value. Tax is 450,000 × 10 / 1,000 = 4,500 a year, or 375 a month. That is an effective rate of 1% of market value.
Formula
Assessed = Market value × assessment ratioTax = Assessed value × mill rate / 1,000Effective % = Annual tax / Market value × 100Reading the Results
Assessed value
The taxable value after applying the local assessment ratio. It can be well below market value, which is why the statutory mill rate looks higher than the effective rate.
Effective rate on market value
Annual tax divided by market value. It is the fair way to compare tax burdens across regions with different assessment practices.
Sources and References
Lincoln Institute of Land Policy — Property Tax Basics
Assessment ratio, mill rate, and effective tax rate
Explains how assessed value and mill rates combine, and why effective rates differ from statutory rates.
US Census Bureau — Annual Survey of State and Local Government Finances
Property tax as a share of local revenue
Local governments set both assessment practices and rates, so no single national rate exists.
References identify the method or data behind this calculator. Where a standard or tariff changes, the current edition applies, and the assumptions stated above take precedence over a remembered figure.
Frequently Asked Questions
What is a mill rate?
A mill is one-thousandth, so a mill rate is the tax per 1,000 of assessed value. A rate of 10 mills means 10 per 1,000, which is 1% of assessed value.
Why is my assessed value lower than market value?
Many jurisdictions assess at a fraction of market value, or lag behind a rising market. The assessment ratio field lets you model that. Check your assessment notice for the ratio and the valuation date.
Does this include exemptions?
No. Homestead, senior, and veteran exemptions reduce taxable value before the rate is applied. Subtract the exempt amount from assessed value, or lower the assessment ratio, to approximate the effect.
Can my property tax change after I buy?
Yes. A sale can trigger reassessment, and rates are set annually by local budgets. Budget for an increase in the first year after purchase, especially where assessments lag the market.