Property Tax Calculator
Estimate your annual property tax bill based on home value, state, and local rates. Includes homestead exemption.
$
Quick:
$
Common:
%
Most states assess at 100% of market value
$5,600
Annual Property Tax
$467
Monthly (escrow)
1.60%
Effective Rate
$350,000
Taxable Value
Tax Calculation Breakdown
| Component | Amount |
|---|---|
| Market Value | $350,000 |
| Assessment Ratio | 100% |
| Assessed Value | $350,000 |
| Homestead Exemption | $0 |
| Net Taxable Value | $350,000 |
| Tax Rate | 1.60% |
| Annual Tax Bill | $5,600 |
How to Use This Calculator
Enter your home's market value, select your state for the average effective rate, and optionally add your homestead exemption amount. The calculator shows your estimated annual tax bill and monthly escrow amount.
Formula
Taxable Value = (Market Value Γ Assessment Ratio) - Homestead Exemption
Annual Tax = Taxable Value Γ Tax Rate
Annual Tax = Taxable Value Γ Tax Rate
Example
$400,000 home in Texas (1.60% rate) with $25,000 homestead exemption:
Assessed Value = $400,000 Γ 100% = $400,000
Taxable Value = $400,000 - $25,000 = $375,000
Annual Tax = $375,000 Γ 1.60% = $6,000
Monthly Escrow = $6,000 / 12 = $500
Assessed Value = $400,000 Γ 100% = $400,000
Taxable Value = $400,000 - $25,000 = $375,000
Annual Tax = $375,000 Γ 1.60% = $6,000
Monthly Escrow = $6,000 / 12 = $500
Extended
Property Tax by State Comparison
Compare effective property tax rates across all 50 states
Property Tax Rates by State
Effective property tax rates as a percentage of home value (2024 estimates).
| State | Avg Rate | Median Home | Median Tax Bill |
|---|---|---|---|
| New Jersey | 2.23% | $370,800 | $8,269 |
| Illinois | 2.07% | $239,700 | $4,962 |
| Connecticut | 1.79% | $289,900 | $5,189 |
| New Hampshire | 1.43% | $301,600 | $4,313 |
| Vermont | 1.36% | $260,900 | $3,548 |
| Wisconsin | 1.55% | $221,600 | $3,435 |
| Texas | 1.60% | $238,100 | $3,810 |
| Nebraska | 1.61% | $191,500 | $3,083 |
| Ohio | 1.47% | $175,400 | $2,578 |
| New York | 1.46% | $373,000 | $5,446 |
| Pennsylvania | 1.22% | $213,200 | $2,601 |
| Michigan | 1.17% | $193,400 | $2,263 |
| Florida | 0.88% | $338,000 | $2,974 |
| California | 0.71% | $684,800 | $4,862 |
| Arizona | 0.66% | $321,100 | $2,119 |
| Colorado | 0.40% | $463,900 | $1,856 |
| Hawaii | 0.28% | $669,200 | $1,874 |
Note: Rates are averages. Actual rates vary by county and municipality.
Frequently Asked Questions
How is property tax calculated?
Property tax is calculated by multiplying your home's assessed value by the local tax rate (mill rate). Most counties assess property at 100% of market value, though some use a lower assessment ratio.
Which states have the highest property taxes?
New Jersey (2.23%), Illinois (2.07%), and Connecticut (1.79%) have the highest average effective property tax rates. States like Hawaii (0.28%) and Alabama (0.37%) have the lowest.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence. For example, a $50,000 exemption on a $300,000 home means you only pay taxes on $250,000.
How often is property tax assessed?
Most jurisdictions reassess property annually or every few years. Your tax bill can change even if your home's value stays the same if the local tax rate changes.
Can I appeal my property tax assessment?
Yes. If you believe your property is over-assessed, you can file an appeal with your local assessor's office. You'll need evidence such as recent sales of comparable properties.