Property Tax Calculator
Estimate your annual property tax bill and monthly escrow amount. Enter your home value, local tax rate, and any exemptions to calculate your property tax obligation.
Property tax is an annual tax levied by local governments on real estate. It is typically the largest tax expense for homeowners after income tax and funds local services like schools, roads, police, and fire departments.
Property tax is calculated as: Assessed Value x Tax Rate. The assessed value is often a percentage of the market value (called the assessment ratio), which varies by county and state. Some jurisdictions assess at 100% of market value, while others use ratios as low as 10%.
The national average effective property tax rate is approximately 1.1% of home value, but this varies dramatically by location. New Jersey has the highest average at about 2.5%, while Hawaii has the lowest at about 0.3%. Exemptions such as homestead exemptions can reduce your assessed value and lower your tax bill.