Property Tax Calculator
A $400,000 home taxed at a 2.2% effective rate generates an $8,800 annual bill, while the same value in a district with a 0.3% rate costs roughly $1,200. Because property tax–often called real estate tax–is levied locally, a property tax calculator is the fastest way to estimate your bill before you buy, refinance, or appeal.
This tool provides estimates; consult a local tax assessor or CPA for official figures and appeals.
How does a property tax calculator estimate your tax bill?
The calculator above multiplies your home’s taxable assessed value by the combined local tax rate and then subtracts any exemptions. You only need three numbers: the assessed value of your property, the local mill rate, and the dollar amount of any homestead or senior exemptions you qualify for.
For example, if a county assesses your home at $350,000 and the combined local rate is 25 mills, the annual tax starts at $8,750. A $25,000 homestead exemption would drop the taxable base to $325,000 and the final bill to $8,125.
What is the property tax formula?
Most jurisdictions follow the same basic structure:
(Assessed Value − Exemptions) × Tax Rate = Annual Property Tax
Rates are usually expressed in mills. One mill equals $1 in tax for every $1,000 of assessed value, so a 25-mill rate translates to 0.025, or 2.5%. You can also divide your assessed value by 1,000 and then multiply by the mill number.
If your assessment ratio is 80% and your home’s market value is $400,000, the assessed value is $320,000. At a 20-mill combined rate with no exemptions, the math is:
- $400,000 market value × 0.80 ratio = $320,000 assessed value
- $320,000 ÷ 1,000 × 20 mills = $6,400 annual tax
Where to find your 2026 property tax rate and exemptions
The best source is your county assessor’s website, which publishes the current mill rate, assessment schedules, and exemption applications. Many states also maintain statewide databases that let you look up rates by parcel number or street address.
Look for these specific documents:
- Annual notice of assessed value
- Combined tax levy sheet from the county collector
- Homestead, senior, or veteran exemption forms
Rates change when school districts, cities, or fire departments approve new budgets, so verify you are using the 2026 approved rate rather than the prior year’s figure.
How can you lower your property tax bill?
Appealing an over-assessment is the fastest way to cut costs. If comparable homes in your neighborhood sold for less than your assessed value implies, file an appeal with your county board of review during the annual window.
Other strategies include:
- Claiming every exemption: Homestead, senior, disability, and veteran exemptions can each reduce taxable value by fixed amounts or percentages.
- Checking for errors: Verify that the assessor’s records correctly list your square footage, bedroom count, and lot size.
- Monitoring reassessment dates: If your jurisdiction only reassesses every three years, a market downturn may not be reflected until the next cycle unless you request an interim review.
Remodeling can increase your assessed value, so weigh the tax impact before adding square footage or luxury finishes.