Watcharu Finance

Property Tax Calculator

Property tax is a yearly percentage of your home's value, collected monthly through escrow on most mortgages. Rates vary widely by state and county.

$4,400 / year

Per month
$366.67
Assessed value
$400,000
Effective rate
1.10%

Rates vary by county and city — check your local assessor for the exact figure.

How it works

The assessed value is the market value times the assessment ratio, minus any exemption. The effective tax rate is applied to that to get the annual bill, divided by twelve for the monthly escrow amount.

Frequently asked questions

How is property tax calculated?
The county assessor sets a taxable (assessed) value, which may be lower than market value. That value, minus any exemptions, is multiplied by the combined rate of every local taxing body — county, city, school district, and special districts — to produce the annual bill.
What is an effective property tax rate?
It's the annual tax divided by the home's market value, expressed as a percent. It lets you compare places with different assessment practices on equal footing. The U.S. average is roughly 1.0%; state pages here show the local figure.
What is a homestead exemption?
A reduction in the taxable assessed value of an owner-occupied primary residence. It varies by state — a flat dollar amount, a percentage, or an assessment cap — and generally must be applied for once with the county.
Can I lower my property tax bill?
You can file for a homestead or senior/veteran/disability exemption if eligible, and you can appeal the assessed value if recent comparable sales suggest it's set too high.

Learn more: How property tax works — Assessed value versus market value, the assessment ratio, how overlapping local levies combine into an effective rate, and how exemptions and appeals lower the bill.

Property Tax Calculator by state

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