Property Tax Calculator

Assessed value = market value x the assessment ratio. Taxable value = assessed value - exemptions. Tax = taxable value x the rate. A millage rate is dollars per thousand of assessed value, so 20 mills equals 2 percent. Divide mills by 10 to get a percentage.

What is a mill?

One dollar of tax for every thousand dollars of assessed value. A 25 mill rate on a 200,000 dollar assessment is 5,000 dollars. Divide mills by 10 to read them as a percentage: 25 mills is 2.5 percent.

Why is my assessed value lower than what the house is worth?

Many states deliberately assess at a fraction of market value - 40, 60, sometimes 10 percent. The rate is set higher to compensate, so the bill comes out similar. It makes rates impossible to compare across states unless you convert to an effective rate on market value, which this page does.

What is a homestead exemption?

A reduction in taxable value for a home you actually live in. It is usually a flat amount off the assessed value and often has to be applied for once, not automatically granted. Many states have additional exemptions for people over 65, veterans and people with disabilities.

Does my property tax go up when I renovate?

Usually yes, if the work needs a permit. Additions, finished basements and new bathrooms raise assessed value. Ordinary maintenance - a new roof of the same kind, paint, repairs - generally does not.

Can I challenge my assessment?

Yes, and it works more often than people expect. Every jurisdiction has an appeal window, usually a few weeks after assessments are mailed. The strongest case is recent sale prices of similar nearby homes below your assessed value, or a factual error in the record such as the wrong square footage.

Is property tax deductible?

On a federal return, yes, but the SALT cap limits state and local taxes to 10,000 dollars in total, property tax and state income tax combined. In high-tax states that cap is reached well before the property tax alone is counted.

Why does my escrow payment change every year?

Because the tax bill changes and the lender adjusts what it collects. If assessments rise or the town raises the rate, your monthly payment rises even though your mortgage itself is fixed. Lenders also settle any shortfall from last year, which is why one year can jump more than the tax did.