About the Property Tax Calculator
Property tax is an ongoing cost of owning a home, usually charged as a percentage of your property's value each year and often collected monthly through your mortgage escrow. Rates and assessment methods vary widely by state and county. This calculator estimates your annual and monthly tax from the value, rate, and — where applicable — an assessment ratio.
How it’s calculated
Assessed value = market value × assessment ratio (100% where none is used). Annual property tax = assessed value × tax rate. Monthly = annual ÷ 12. The effective rate is the annual tax as a percentage of market value.
Example calculation
A $400,000 home taxed at 1.1% owes about $4,400 per year, or roughly $367 per month.
Frequently asked questions
How is property tax calculated?
Most areas multiply your property's assessed value by a local tax rate (sometimes expressed as a millage). Some assess below market value or apply exemptions, which lowers the taxable amount.
What is an assessment ratio?
Some jurisdictions tax only a percentage of a home's market value — the assessment ratio. If your area assesses at, say, 80% of market value, enter 80 to reflect that.
Is property tax included in my mortgage payment?
Often yes. Many lenders collect 1/12 of the annual tax with each payment into an escrow account and pay the bill for you, which is why it's part of a typical monthly mortgage payment.
This calculator provides estimates for educational purposes and should not be considered financial, tax, or legal advice. Your actual figures may vary with lender terms, fees, and market conditions.