Property Tax Estimator
Estimate your annual property tax based on home value and local tax rate.
See monthly escrow amounts too.
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Property Tax Estimate
Property tax is calculated by your local government based on your home’s assessed value and the local tax rate.
Formula:
Property Tax = Assessed Value × Tax Rate
Assessment ratio: Some areas assess at less than market value. For example, if your home is worth $300,000 and the assessment ratio is 80%, the assessed value is $240,000.
Average US property tax rates by state (approximate):
- Lowest: Hawaii (0.29%), Alabama (0.41%), Colorado (0.51%)
- Average: ~1.1% nationally
- Highest: New Jersey (2.47%), Illinois (2.23%), New Hampshire (2.18%)
Mill rate: Some areas express tax rates in mills (1 mill = $1 per $1,000 of value). A 20-mill rate = 2.0%.
Actual rates vary by county and municipality. Check your local assessor’s office for exact rates.