Property Tax Calculator
Estimate how much you'll pay in property taxes each year, month, and quarter.
$
$50K$2M
%
0%4%
U.S. average is about 1.1%. Ranges from 0.29% (HI) to 2.47% (NJ).
%
% of market value used for tax. Many areas use 100%.
$
Homestead, senior, veteran, etc.
Annual Property Tax
$4,800
Monthly
$400
Quarterly
$1,200
Daily
$13.15
Home Value$400,000
Assessed Value$400,000
Taxable Value$400,000
Tax Rate1.2%
If escrowed with your mortgage, that's roughly $400 added to your monthly payment.
Your Tax at Different State Rates
How your $400,000 assessed value would be taxed in other states
NJ: 2.47%IL: 2.23%NH: 2.09%CT: 2.07%TX: 1.8%NY: 1.72%WI: 1.68%NE: 1.65%OH: 1.59%PA: 1.53%IA: 1.52%FL: 0.89%CA: 0.76%CO: 0.55%HI: 0.29%
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How to Estimate Your Property Taxes
Property taxes fund local services — schools, roads, fire departments, parks. The amount you owe depends on three things: your home's assessed value, your local tax rate, and any exemptions you qualify for.
- Enter your home's value — use the purchase price, a recent appraisal, or your best estimate of current market value.
- Set the tax rate — this is the annual percentage your local government charges. It's usually listed on your tax bill or your county assessor's website. The U.S. average is about 1.1%.
- Adjust the assessment ratio — some areas only tax a portion of market value. If your county assesses at 80%, set this to 80. Most areas use 100%.
- Add exemptions — if you qualify for a homestead exemption or other reduction, enter the dollar amount. This lowers your taxable value before the rate is applied.
Why Property Tax Rates Vary So Much
Property taxes are set locally, not federally, which is why they swing from 0.29% in Hawaii to 2.47% in New Jersey. The biggest factors:
- Local funding needs — areas with more public services, better-funded schools, or higher municipal budgets charge more.
- Home values in the area — when property values are high, local governments can collect the same revenue at a lower rate. Low-value areas need higher rates to generate enough funding.
- State policies — some states cap assessment growth (California's Prop 13), offer generous homestead exemptions (Florida, Texas), or don't levy property tax at all (certain aspects in Alaska).
- Income and sales tax trade-offs — states without income tax (like Texas) tend to have higher property taxes to make up the revenue.
Ways to Lower Your Property Tax Bill
- Apply for exemptions — homestead, senior, veteran, and disability exemptions are common and often underused. Check your county assessor's office for what's available.
- Appeal your assessment — if comparable homes in your area sold for less than your assessed value, you have a solid case. Successful appeals aren't uncommon.
- Review your bill for errors — mistakes happen. Check that your home's square footage, lot size, and features match the assessor's records.
- Avoid over-improving — major renovations can trigger a reassessment and a higher tax bill. Factor this into the cost of any upgrade.