Property Tax Calculator
Estimate your yearly and monthly property tax from the assessed value, using either your county's mill rate or a straight tax percentage.
Property tax estimator
Property tax is your assessed value times the local rate — quoted either as a mill rate or a plain percentage. Pick whichever your county uses and see the yearly and monthly bill.
Annual property tax
$7,000
Effective rate 2.00%
Monthly (in escrow)
$583.33
What lenders collect each month
How it works
Property tax funds local schools, roads, and services, and it's charged against the assessed value of your home — which may differ from what you paid for it. Counties quote the rate one of two ways, so this tool handles both.
A mill rate is dollars of tax per $1,000 of assessed value, so 1 mill is 0.1%. A rate of 20 mills means $20 per $1,000, or 2% of the value. If your area uses a plain percentage instead, just switch the mode and type it in directly. The math lands in the same place.
On a home assessed at $350,000, a 20-mill rate works out to $7,000 a year, or about $583 a month set aside in escrow. Bump the assessment or the rate and both the annual bill and the monthly escrow figure update so you can budget accurately.
Frequently asked questions
What's the difference between a mill rate and a percentage?
They describe the same thing. A mill is one-tenth of a percent — $1 of tax per $1,000 of value. So 15 mills equals 1.5%. Use whichever format your county publishes; this tool converts cleanly between the two.
Is assessed value the same as market value?
Not usually. Many jurisdictions assess at a fraction of market value or apply exemptions like a homestead reduction. Check your assessment notice for the taxable value, since that's the number the rate is actually applied to.
Why is property tax bundled into my mortgage payment?
Lenders often collect it monthly into an escrow account so a big annual bill doesn't sneak up on you or risk a tax lien on their collateral. The monthly figure here is what that escrow line would roughly be.