Property Tax Calculator – Estimate Yearly Property Taxes

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How property tax is calculated

Local governments (counties, cities, school districts and special districts) set tax rates and apply them to your home's assessed value:

Property tax = (assessed value − exemptions) × tax rate

• Assessed value: the value the county assessor puts on your home. Some states assess at full market value; others use a percentage, called the assessment ratio.
• Tax rate: often stated as a millage rate, in dollars per $1,000 of assessed value. 20 mills = 2%.
• Effective rate: the tax divided by the home's market value. It's the easiest way to compare places, and it's what the state averages in this calculator use.

Example: a $400,000 home in Texas at the state's average effective rate of 1.31% pays about $5,240 a year, or $437 a month.

Average effective rates by state

Effective property tax rate and median yearly tax paid by homeowners, 2024:

Exemptions (homestead, senior)

Most states lower the tax on your main home with an exemption (a cut in taxable value) or a credit. Examples:

• Homestead exemption: Florida exempts up to $50,000 of value; Texas exempts $140,000 of value from school district taxes; California's homeowners' exemption is $7,000.
• Seniors, veterans and people with disabilities: many states add larger exemptions, freeze the assessed value or the tax, or allow deferral.
• Assessment limits: California's Proposition 13 caps yearly increases in assessed value at 2%; Florida's Save Our Homes caps them at 3%.

Exemptions usually must be applied for with your county assessor; they're not automatic. Enter yours in the Exemptions box.

Escrow and your mortgage payment

Most mortgage lenders collect property tax monthly in an escrow account and pay the bill for you. Your monthly payment is then principal and interest plus 1/12 of the yearly tax and homeowners insurance. In the example, $5,240 of tax adds $437 a month, so a $2,000 principal-and-interest payment becomes $2,437 before insurance.

When your home is reassessed or rates rise, your lender recalculates escrow each year, which can raise your payment even with a fixed-rate loan.

Tax deduction: if you itemize, property taxes count toward the state and local tax (SALT) deduction, capped at $40,400 for 2026 ($20,200 if married filing separately) and reduced for incomes over $505,000.

Examples

Yearly tax on a $400,000 home at each state's average effective rate:

Results are estimates, not tax advice; your county tax bill has your exact rate. Last reviewed: November 1, 2026.