Property Tax Calculator

Estimate annual property tax from assessed value using either a tax-rate percentage or a mill rate, then compare the monthly equivalent.

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Property tax estimator Estimate annual property tax from an assessed value and either a tax-rate percentage or a mill rate, then compare the monthly equivalent and the alternate rate format.

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Switch the displayed tax amounts without changing the assessed value or rate maths.

Result

$4,200.00

Estimated annual property tax on an assessed value of $350,000.00. Monthly equivalent: $350.00.

Monthly equivalent
$350.00
Effective tax rate
1.2%
Equivalent mill rate
12 mills
Tax per 1,000 assessed
$12.00

Alternate conversion

A 1.2% property-tax rate is the same as 12 mills.

How to read this estimate

This estimate uses the assessed value only. Real property-tax bills can differ because exemptions, homestead caps, parcel fees, and reassessment rules vary by jurisdiction.

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Property Tax Basics

Property tax calculator guide: assessed value, mill rate, and annual bill explained

A property tax calculator estimates annual property tax from the assessed value of a home and the local rate used to tax that value. It is useful when you need a quick planning estimate, want to convert between a percentage tax rate and a mill rate, or need to see the monthly equivalent of an annual property-tax bill before you fold it into a housing budget.

What this calculator is measuring

Property tax is usually charged against assessed value rather than against the owner’s mortgage balance or against the last monthly payment. The calculator starts with the assessed value you enter, then applies either a percentage tax rate or a mill rate to estimate the annual bill and its monthly equivalent.

This makes the tool useful for first-pass budgeting. If you are comparing homes, checking affordability, or reviewing an escrow estimate, the annual property-tax number matters because it is one of the recurring ownership costs that can materially change the real monthly housing total.

Tax rate versus mill rate

Local governments do not always express property tax the same way. Some quote a percentage rate such as 1.2% of assessed value, while others quote a mill rate. A mill is one dollar of tax for every 1,000 dollars of assessed value, so a mill rate and a percentage rate are simply different ways of expressing the same levy.

That is why the calculator supports both input modes. If you know the percentage rate, it can show the equivalent mill rate. If you know the mill rate, it can show the equivalent percentage. The core tax estimate remains the same once the formats are converted correctly.

Annual property tax = Assessed value x Tax rate

When the rate is entered as a percentage, divide the percentage by 100 and apply it to assessed value.

Annual property tax = Assessed value x Mill rate / 1,000

A mill rate expresses tax per 1,000 of assessed value rather than as a percentage.

1% = 10 mills

This conversion lets you move between the two common rate formats without changing the underlying tax estimate.

Assessed value is not always market value

A common source of confusion is that assessed value and market value are not always the same number. Some jurisdictions assess near market value, while others use fractional assessment systems, reassessment cycles, caps, or exemptions that make the taxable value lower or simply different from the price you paid for the property.

That is why a property tax calculator should be treated as an assessed-value tool, not as a market-value shortcut. If your local assessor values property differently from the market price, the estimate will only be as good as the assessed value you enter.

Worked example: assessed value $350,000 at 1.2%

Suppose the assessed value is $350,000 and the local property-tax rate is 1.2%. The estimated annual property tax is $4,200 because 350,000 x 0.012 = 4,200. The monthly equivalent is $350, which is often the more useful number when you are building an ownership budget.

The same rate can be expressed as 12 mills because 1.2% equals 12 per 1,000 of assessed value. That conversion is helpful when local tax notices, assessor documents, or brokerage estimates use mill rates instead of percentages.

Frequently asked questions

How do I calculate property tax from assessed value?

Multiply assessed value by the tax rate. If the rate is given as a percentage, convert it to decimal form first. If it is given as a mill rate, divide the mill rate by 1,000 and multiply that by assessed value.

 What is the difference between assessed value and market value?

Market value is what a property might sell for. Assessed value is the taxable value used by the local assessor or taxing authority. In some places they are close; in others, exemptions, caps, reassessment cycles, or local formulas make them different.

 What is a mill rate in property tax?

A mill rate means dollars of tax per 1,000 dollars of assessed value. Ten mills is the same as a 1% property-tax rate, and twelve mills is the same as 1.2%.

 Does this estimate include exemptions or special assessments?

No. This calculator estimates baseline tax from assessed value and rate only. Exemptions, parcel fees, reassessment caps, and special district charges need to be reviewed against your local bill or assessor records.

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