finance ToolUpdated 2026-09-21
Property Tax Calculator
Property taxes are levied by local municipal and county governments to fund public schools, emergency services, and roads. Use this calculator to estimate your annual property tax bill and monthly escrow component.
Frequently Asked Questions
What is the difference between market value and assessed value?
Market value is what a buyer would pay for your home on the open market. Assessed value is the valuation placed on your home by a municipal tax assessor, often equal to a statutory percentage (e.g. 80%) of market value.
What is a millage rate in property taxes?
A mill represents $1 in tax per $1,000 of assessed property value (0.1%). A millage rate of 25 mills equals a 2.5% property tax rate.
Related Calculators
Loan Calculator
Estimate monthly amortized payments, interest charges, and loan repayment totals.
Mortgage Calculator
Estimate monthly mortgage payments, total interest, and amortization.
Auto Loan Calculator
Calculate car loan payments, interest charges, and total financing.
Personal Loan Calculator
Estimate monthly personal loan payments and total borrowing cost.