Property Tax Calculator
Calculate annual property tax from assessed value, rate and exemptions.
Please note: A general estimate, not tax advice. Rates, bands, allowances and rules differ by country and change frequently. Enter the figures that apply to you and confirm with a qualified tax professional or your tax authority.
What the Property Tax Calculator does
Property tax is charged on assessed value, which is frequently a fraction of market value rather than the full amount. Rates are quoted either as a percentage or as a mill rate, where one mill is one dollar per thousand of assessed value.
Formula
Assessed value = Market value × Assessment ratioTaxable value = Assessed value − ExemptionsTax = Taxable value × Rate (mill rate ÷ 1,000, or percentage ÷ 100)
Inputs explained
| Input | Unit | Required | Notes |
|---|---|---|---|
| Property market value | selected currency | Yes | Accepts more than 0. |
| Assessment ratio | % | Yes | Percent of market value that is assessed. Often below 100%. |
| Rate expressed as | one of 2 options | Yes | — |
| Tax rate | % | In some modes | Shown Rate expressed as is Percentage. |
| Mill rate | number | In some modes | Accepts 0 or more. Shown Rate expressed as is Mill rate (per 1,000 of value). |
| Exemptions | selected currency | Optional | Homestead or similar reductions to assessed value. Accepts 0 or more. |
| Currency | one of 10 options | Optional | — |
How to use it
- Choose Rate expressed as and Currency.
- Enter Property market value and Assessment ratio.
- Fill in the remaining inputs the form shows for your choice.
- Optionally add Exemptions.
- Select Calculate.
Worked example
A $420,000 home assessed at 80% with a 12 mill rate and a $25,000 homestead exemption.
- Value
- 420000
- Ratio
- 80
- Mill rate
- 12
- Exemption
- 25000
Assessed $336,000, taxable $311,000, annual tax $3,732 — about $311 a month.
Frequently asked questions
What is a mill rate?
Tax per $1,000 of assessed value. A 12 mill rate is 1.2%. It is common in US municipal taxation.
Can I challenge my assessment?
In most jurisdictions yes, usually within a limited window after assessment notices go out. Comparable recent sales are the standard evidence.
Method and sources
Method. Market value is converted to assessed value by the assessment ratio entered, exemptions are subtracted, and the rate is applied — accepting either a percentage or a mill rate.
Assumptions
- The assessment ratio and rate entered are those of the taxing jurisdiction, and refer to the same valuation basis.
- Exemptions apply to assessed rather than market value, which is the usual construction.
Limitations
- Assessment practice varies enormously: how often values are reassessed, whether increases are capped, and whether assessed value bears any close relation to market value at all.
- Overlapping authorities — municipal, county, school district — often levy separately, so a single rate can understate the bill considerably.
- No rate table ships with this calculator: you supply the rates, so the result follows whichever jurisdiction and year you enter. That means it can never go silently out of date — but it also cannot warn you if the figures you entered are.
Sources
- Your own tax authority's published guidance for the relevant year — Varies by jurisdiction. The assessment ratio, the mill or percentage rate, and which exemptions you qualify for.