Real Estate
Property Tax Calculator
Estimate assessed value from market value and assessment ratio, subtract an entered exemption to obtain taxable assessed value, apply the entered millage rate per $1,000, and convert annual tax to a monthly reserve.
Assessed value-
Taxable assessed value-
Estimated annual property tax-
Monthly tax reserve-
Exact scenario comparison
Millage rate per 1,000 scenarios
Exact scenario comparisonMillage rate per 1,000 changes while all other entered assumptions remain constant.
| Millage rate per 1,000 | Assessed value | Taxable assessed value | Estimated annual property tax | Monthly tax reserve |
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How to use Property Tax Calculator
- Enter the relevant market or appraised value, local assessment ratio, applicable exemption, and combined millage rate per $1,000.
- Review assessed value, taxable assessed value, annual tax, and the monthly reserve without confusing assessment ratio with tax rate.
- Verify jurisdiction, tax year, district levies, exemptions, caps, reassessment rules, and billing installments against official records.
Calculator guide
Understanding Property Tax Calculator
Property tax is commonly applied to taxable assessed value, not directly to market value. The page therefore separates market value, assessment ratio, exemption, and millage so each part of the local tax structure remains visible.
Calculation method
How the calculation works
Apply the assessment ratio and exemption to market value, then multiply taxable assessed value by the entered millage rate. Apply the assessment ratio and exemption to market value, then multiply taxable assessed value by the entered millage rate.
Worked situations
Practical examples
- A $500,000 market value at a 90% assessment ratio produces $450,000 of assessed value before exemptions.
- Subtract a $50,000 eligible exemption from assessed value, not from the market price, when that matches local rules.
- A millage rate of 22 means $22 of tax per $1,000 of taxable assessed value.
Better inputs
Useful tips
- Use the official assessed value and exemption notice when available rather than estimating from current listing price.
- Add all applicable district millage rates only if they apply to the same taxable base.
- Review reassessment dates, exemption renewals, appeal deadlines, special assessments, and escrow changes.
Before relying on the result
Limitations and common mistakes
- The model assumes one assessment ratio, one flat exemption amount, and one combined millage rate.
- Tiered assessments, levy limits, credits, caps, special assessments, district-specific bases, prorations, and jurisdictional rounding are excluded.
- Market value, assessed value, and taxable value can be defined differently by local law; the result is not an official bill.
Reference
Key terms
- Market value
- Entered property-value reference before applying assessment rules.
- Assessment ratio
- Percentage of market value converted to assessed value.
- Taxable assessed value
- Assessed value after subtracting the entered exemption, floored at zero.
- Millage rate
- Tax charged per $1,000 of taxable assessed value.
Important note
Calculated from the entered property and financing assumptions. It does not replace lender, appraisal, legal, tax, or investment review.
Frequently asked questions
Is millage the same as a percentage?
A mill is one dollar per $1,000 of taxable value, equivalent to 0.1%.
Should the exemption be subtracted from market value?
This page subtracts it from assessed value. Confirm the jurisdiction's actual exemption mechanism before entry.
Does the monthly reserve equal the mortgage escrow amount?
Not necessarily. Escrow can include shortages, cushions, insurance, prior adjustments, and lender timing.
Are special assessments included?
Only if converted into the entered millage or otherwise added outside the calculator; flat parcel charges are not modeled separately.