Property Tax Calculator
Calculate annual and monthly property tax for any home value and state. Includes state median rates, homestead exemption, assessment ratio — and shows how your rate compares to the US median.
What the home would sell for today
Median rate: 0.74% (state-wide; counties vary)
Auto-filled from your state median; override to your local rate
FL $50k, TX $100k, most other states $0 or smaller
1.00 = full market value; CA Prop 13 caps growth
Property tax for California
Annual property tax
$4,400
$367/mo · 1.10% effective rate after exemption
Monthly portion
$367
Often escrowed by mortgage lenders
vs California median
+0.36 pts
State median: 0.74%
vs US median
+0.00 pts
US median: 1.10%
Rates vary substantially within each state. The California median is 0.74%, but county and municipal rates range widely (Bergen County NJ vs Cape May County NJ, Westchester NY vs Suffolk NY). For your exact rate, check your county assessor's site or your most recent property tax bill — the calculator uses the state median when you don't override.
California Proposition 13 may make this estimate too high. Prop 13 caps annual assessment growth at 2%, so homes owned for many years are typically assessed at significantly less than current market value. If you bought before ~2010, drop the assessment ratio above to roughly your assessed value ÷ market value (often 0.40–0.70 for long-time owners). New buyers can leave it at 1.00 — your purchase price establishes the new baseline.
Lenders escrow property tax monthly. Most mortgage payments include a $367/mo portion for property tax (the "T" in PITI). To see the full monthly housing payment, run this home value through the Mortgage Calculator — it asks for a property tax rate matching this one.
How to use this calculator
- Enter your home’s market value — what it would sell for today.
- Pick your state — auto-fills the tax rate to the state median.
- (Optional) Override the tax rate — if you know your specific county/municipal rate, enter it. The state median is just a starting point.
- (Optional) Enter your homestead exemption — Florida $50,000, Texas $100,000, varies elsewhere.
- (Optional) Adjust the assessment ratio — 1.00 = full market value, < 1.00 reflects partial assessment (CA Prop 13, etc.).
The result shows your annual tax, monthly portion (for mortgage escrow context), effective rate, and comparison to both your state median and the US median.
How it works
The formula is simple but the inputs matter:
taxableValue = max(0, (homeValue × assessmentRatio) − homesteadExemption)
annualTax = taxableValue × (taxRate / 100)
For a $400,000 home in Texas (~1.65% rate) with the $100,000 homestead exemption:
| Component | Calculation | Amount |
|---|---|---|
| Home value | — | $400,000 |
| Assessment (100%) | $400,000 × 1.0 | $400,000 |
| Minus homestead | − $100,000 | $300,000 |
| Taxable value | $300,000 | |
| Annual tax | $300,000 × 1.65% | $4,950 |
| Monthly | $4,950 ÷ 12 | $413 |
| Effective rate | $4,950 ÷ $400,000 | 1.24% |
That’s 0.41 percentage points below the Texas median because of the homestead exemption. Without the exemption it would be $6,600/year (1.65% effective).
Why state median is just a starting point
Within any single state, counties and municipalities set their own rates. The state median tells you what a “typical” home pays, but your actual home is in a specific district with its own millage rate. Look up your county assessor’s site, or check your most recent property tax bill, for the exact rate. The calculator’s state-picker is a convenient default — override it if you have better data.
What’s NOT in the calculation
This calculator covers the BASE property tax. Most jurisdictions also have:
- Special assessments — added charges for streetlights, sewer, sidewalks, school bonds. Often $200–$2,000/year.
- Mello-Roos (California) — community-facilities-district charges in newer developments, often $1,000–$5,000/year.
- Senior / veteran reductions — additional exemptions on top of homestead, varies by state.
For the total tax burden, check your most recent property tax bill — it itemizes every assessment that applies to your property.
Frequently Asked Questions
What is the effective property tax rate? ▾
The effective rate is the annual property tax divided by the home's market value, expressed as a percentage. It's the cleanest cross-state comparison because it accounts for both the nominal rate and the assessment ratio. The US median effective rate is roughly 1.1%. New Jersey has the highest at ~2.46%, Hawaii the lowest at ~0.28%. On a $400,000 home, that's $9,840/year in NJ vs $1,120/year in HI — a $8,720/year difference between identical homes.
What is an assessment ratio? ▾
States vary in how they value property for tax purposes. Some assess at full market value (1.00 ratio); others assess at a lower percentage. California's Proposition 13 caps assessed value at the purchase price plus 2%/year inflation, so a home bought in 1985 may have an assessment far below current market value — sometimes 20-30% of market for long-time owners. Most states reassess every 1-5 years, but the ratio can lag market changes significantly. Check your last property tax bill or your county assessor's site for your current assessment.
What is a homestead exemption? ▾
A reduction in your home's taxable value when you live in it as your primary residence. Florida exempts the first $50,000 of value. Texas exempts $100,000. Many states have smaller exemptions ($5,000–$25,000) and additional bumps for seniors, disabled veterans, and surviving spouses. Most states require an annual application; in some you must apply only once. Investment properties and second homes don't qualify. The savings can be meaningful: $100,000 exemption × 1.65% Texas rate = $1,650/year forever.
Why do rates vary so much within a single state? ▾
Property tax is the main funding source for local government — schools, fire, police, libraries, parks. Wealthier districts with higher local spending have higher effective rates. Bergen County, NJ (median ~2.7%) sits next to Cape May County, NJ (~1.3%). Westchester, NY runs above 2% while parts of upstate NY are under 1%. The state median is a starting reference; for your real bill, use your county's actual millage rate or your most recent tax statement.
Are property taxes deductible on my federal return? ▾
Yes, but with the SALT cap: state and local taxes (including property tax) combined are limited to $10,000/year of itemized deductions ($5,000 if married filing separately). In high-tax states the cap is binding for most homeowners. If your total state income tax + property tax is well over $10,000, the marginal property tax above the cap has zero federal-tax benefit. The cap was introduced in the 2017 Tax Cuts and Jobs Act and has been the subject of repeated repeal-and-extend legislation since. Verify the current-year limit with the IRS or your tax preparer before basing planning decisions on it.
Will property tax escrow be added to my mortgage payment? ▾
Most likely yes. When you take out a mortgage, lenders typically require monthly escrow payments covering property tax and homeowner's insurance — the 'T' and 'I' in PITI (principal, interest, tax, insurance). The lender holds the escrow and pays the annual tax bill directly to the county. This protects them: an unpaid tax bill becomes a lien with priority over the mortgage, so they want to ensure it's paid. Once your loan-to-value ratio drops below 80% (typically 5-10 years in), you can usually request to drop escrow and pay tax directly — though many homeowners keep escrow for cash-flow smoothing.