Property Tax Estimator

About this calculator

Property taxes are calculated by multiplying a property's assessed value by the local tax rate. The assessed value is often a fraction of the fair market value — determined by an assessment ratio set by your jurisdiction. The tax rate is set by local governments and is commonly expressed either as a millage rate (mills per $1,000 of assessed value) or as a straight percentage. This calculator supports both formats and converts between them automatically when you switch modes. The result shows your annual tax bill, the monthly amount you'd escrow, and a step-by-step breakdown of the calculation.

Field explanations

Fair market value

The estimated price the home would sell for on the open market. This is typically the purchase price for a new buyer or the appraised value for an existing owner. Property taxes are ultimately a function of this number, scaled by the assessment ratio.

Tax rate format — Millage rate

A mill equals $1 of tax per $1,000 of assessed value. A rate of 20 mills means $20 in tax for every $1,000 of assessed value, or an effective rate of 2%. Millage rates are common in the US Midwest, Northeast, and South. Look up your rate on your county assessor's or tax collector's website.

Tax rate format — Percentage

Some jurisdictions express their tax rate directly as a percentage of assessed value (e.g., 1.2%). This is equivalent to 12 mills. The calculator converts automatically when you toggle between formats.

Assessment ratio

The percentage of fair market value used as the taxable base. Some states assess at 100% (full value), while others assess at a fraction — for example, Illinois assesses residential property at roughly 10% of market value but has a high millage rate. Enter 100 if your jurisdiction taxes the full market value. Check your tax bill or assessor's site for the exact ratio.