Property Tax Calculator
Estimate annual property taxes based on assessed value, mill rate, and exemptions. Essential for real estate exam prep and homebuyers.
Fair market value of the property
Percentage of market value assessed for taxes
1 mill = $1 tax per $1,000 of assessed value
Homestead or other exemptions (if applicable)
Tax Calculation
Assessment Details
Tax Rate Conversion:
25 mills = 2.50% = $25.00 per $1,000
How It Works
1. Enter Property Details
Input your property's market value and the local assessment rate used by your tax authority.
2. Add Tax Rate & Exemptions
Enter your local mill rate and any exemptions like homestead, senior, or veteran discounts.
3. Get Your Tax Estimate
Instantly see your annual and monthly property tax along with the effective tax rate.
Understanding Property Taxes
The Property Tax Formula
Assessed Value = Market Value × Assessment Rate
Tax = Assessed Value × (Mills ÷ 1000)
Understanding Mills
Common Exemptions
- • Homestead Exemption - for primary residence
- • Senior Citizen Exemption - for qualifying seniors
- • Veteran Exemption - for military veterans
- • Disability Exemption - for disabled persons
Frequently Asked Questions
Free Property Tax Calculator for Homeowners and Real Estate Professionals
Understanding property taxes is essential for homeowners, real estate agents, and investors alike. Our free property tax calculator helps you estimate annual and monthly property tax obligations based on your property's market value, local assessment rate, mill rate, and any applicable exemptions. Whether you're buying a new home, preparing for the real estate exam, or helping clients understand their tax burden, this tool provides accurate estimates in seconds.
How Property Taxes Are Calculated
Property taxes are calculated using a two-step process. First, your property's market value is multiplied by the local assessment rate to determine the assessed value. Then, this assessed value (minus any exemptions) is multiplied by the mill rate to calculate your annual tax. One mill equals $1 per $1,000 of assessed value, so a property with a $200,000 assessed value and a 25-mill rate would owe $5,000 annually.
Why Property Taxes Matter in Real Estate
Property taxes significantly impact the true cost of homeownership and are a key factor in investment property analysis. For buyers, monthly tax payments are included in mortgage escrow calculations. For investors, property taxes affect NOI (Net Operating Income) and cap rate calculations. Real estate agents should help clients understand tax implications, especially when comparing properties in different tax jurisdictions.
Maximize Your Tax Savings
Many homeowners miss out on valuable exemptions that could reduce their property tax burden. Common exemptions include homestead exemptions for primary residences, senior citizen discounts, veteran exemptions, and disability exemptions. Check with your local tax assessor's office to ensure you're claiming all exemptions you qualify for, and don't hesitate to appeal your assessment if you believe your property is overvalued.
Practice Tax Calculations
Master property tax calculations with our practice exam questions.
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