Property Tax Calculator
Estimate annual and monthly property tax from your home's assessed value. Supports both percentage rates and mill rates, with the full calculation shown.
Updated 2026-06-14 · Free · No sign-up · Runs privately in your browser
Show the formula & steps
How the Property Tax Calculator Works
Property tax is one of the largest ongoing costs of owning a home, yet the math behind it is straightforward. This calculator turns your home’s assessed value and the local tax rate into an estimated annual bill and the monthly amount lenders collect for escrow.
It accepts the two ways jurisdictions express rates: a plain percentage (e.g. 1.1%) or a mill rate (e.g. 11 mills). Pick the matching rate type, enter your numbers, and the result and step-by-step breakdown update instantly.
The Formula
The base calculation is the same in every county; only the rate format differs:
Percentage rate: Annual tax = assessed value × (rate% ÷ 100) Mill rate: Annual tax = assessed value × mills ÷ 1000 Monthly amount = annual tax ÷ 12
A mill equals $1 of tax for every $1,000 of value. Because 1 mill = 0.1%, you can convert between the two by multiplying or dividing by 10. The calculator also reports your effective rate — the annual tax as a percentage of assessed value — so you can compare jurisdictions on equal footing.
Worked Example
Take a home with an assessed value of $350,000 in a district with a 1.1% tax rate:
- Annual tax = $350,000 × (1.1 ÷ 100) = $350,000 × 0.011 = $3,850.00
- Monthly (escrow) = $3,850 ÷ 12 = $320.83
- Effective rate = 1.100% of assessed value
If the same district instead published its rate as 11 mills, the math gives the identical result: $350,000 × 11 ÷ 1000 = $3,850.00, confirming that 11 mills equals 1.1%.
Percentage vs. Mill Rate at a Glance
Different states and counties publish rates differently. Use this table to translate between the two.
| Mill rate | Equivalent % | Tax on a $350,000 home |
|---|---|---|
| 5 mills | 0.5% | $1,750 |
| 11 mills | 1.1% | $3,850 |
| 15 mills | 1.5% | $5,250 |
| 20 mills | 2.0% | $7,000 |
| 25 mills | 2.5% | $8,750 |
This tool gives an estimate based on the value and rate you enter. Your actual bill may include exemptions (homestead, senior, veteran), special assessments, or separate school and municipal levies that combine into the total rate. For the precise figure, use the assessed value and combined rate printed on your latest tax notice.
Frequently asked questions
How is property tax calculated?+
Property tax equals the assessed (or taxable) value of your home multiplied by the tax rate. If the rate is a percentage, annual tax = value × rate ÷ 100. If it is a mill rate, annual tax = value × mills ÷ 1000. A $350,000 home at a 1.1% rate owes $3,850 per year.
What is a mill rate and how do I convert it to a percentage?+
A mill is one-thousandth of a dollar, so one mill is $1 of tax per $1,000 of assessed value. To convert a mill rate to a percentage, divide by 10: a 11 mill rate equals 1.1%. To convert a percentage to mills, multiply by 10.
How do I find my monthly property tax for escrow?+
Divide the annual property tax by 12. For a $3,850 annual bill, the monthly escrow portion is $3,850 ÷ 12 = $320.83. Lenders collect this monthly amount and pay the tax bill on your behalf.
Is property tax based on market value or assessed value?+
Property tax is based on the assessed (or taxable) value set by your local assessor, which is often lower than market value due to assessment ratios and exemptions. Enter the assessed value, not the listing price, for an accurate estimate.
Why is my property tax different from a neighbor's similar home?+
Differences come from assessed values set in different years, exemptions (homestead, senior, veteran), and special district levies. Two similar homes can carry different assessed values or qualify for different exemptions, changing the final tax.