Property Tax Calculator
Estimate your annual property tax based on assessed value and local mill rate. Find your effective tax rate and monthly escrow amount.
Formula & Reference
| Variable | Formula | Units |
|---|---|---|
| Property Tax Calculator | Property Tax = Assessed Value x Mill Rate / 1,000 | $ annual |
Step-by-Step Examples
$350K home, 100% assessment, 20 mills, homestead $10K exemption.
- Assessed = $350K | Taxable = $340K
- Tax = $340K x 20/1000 = $6,800/yr
- Monthly escrow: $567
$400K home, 10 mills (low-tax state like WY or WA).
- Tax = $400K x 10/1000 = $4,000/yr
- = 1% effective rate
$300K home, NJ-style 30 mills.
- Tax = $300K x 30/1000 = $9,000/yr
- NJ average effective rate: ~2.2%
Real-World Applications
Common Mistakes to Avoid
Some jurisdictions assess at 100% of market value; others at 50%, 70%, or other fractions. A 30 mill rate on 50% assessed value = 15 mills effective rate. Always know your jurisdiction's assessment ratio.
Homestead exemptions (often $10,000-$50,000 off assessed value), senior exemptions, veteran exemptions, and disability exemptions reduce taxable value significantly. Apply for all eligible exemptions.
Property tax assessments can be appealed if you believe the assessed value exceeds market value. Appeal success rates are often 30-50%. It's worth checking comparables and filing an appeal if the value seems inflated.