Property Tax Calculator
Property tax is a millage rate (your county's tax rate, in dollars per $1,000 of assessed value) applied to your assessed value, less any homestead or primary-residence exemption. Many states also cap how fast assessed value can rise each year — Florida's Save Our Homes is 3%, California's Prop 13 is 2% — which compounds into a meaningful gap between assessed and market value over a decade. Set your state's cap below to project it forward.
Market value of the property.
County millage as a percent of taxable value, e.g. 1.2 for 1.2%.
Percent of market value the assessor uses — often 100%, but some states assess at a fraction.
Primary-residence exemption, if your state offers one. Florida's is $50,000; many states are lower or $0.
Max yearly rise in assessed value, if your state caps it (FL 3%, CA 2%). Leave 0 if your state has no cap.
Shifts the 10-year projection forward. Leave 0 for the year you bought.
At 1.20% millage on $400,000 of taxable value.
$4,800 annual property tax
- Taxable value
- $400,000
- Homestead exemption
- $0
- Monthly
- $400 / mo
- Quarterly
- $1,200 / qtr
- Daily
- $13 / day
- Assessed value
- $400,000
Free during pilot
How property tax is calculated
Property tax is computed against your taxable value, which is your assessed value minus any exemptions on file:
Annual tax = (Assessed value − Exemptions) × Millage rate
Assessed value usually equals market value in the year you buy. After that, many states cap how fast assessed value can rise each year — Florida's Save Our Homes limits it to the lesser of CPI or 3%, California's Prop 13 to 2%. States without a cap track market value more closely. This calculator projects 10 years forward at the annual cap you enter.
Millage is expressed in mills (dollars per $1,000) or as a percent. We accept the percent form (1.2% ≈ 12 mills). Effective rates typically land between roughly 0.3% and 2.5% once state, county, city, school, and special-district rates are stacked.
Homestead exemption
Many states reduce the taxable value of an owner-occupied primary residence. Florida's homestead exemption, for example, removes up to $50,000 (the first $25,000 from all taxes, the second $25,000 from non-school taxes); other states offer smaller amounts or none. This calculator treats the exemption as a single dollar amount you input, so it works in any state.
State comparison
We multiply your taxable value by the effective property-tax rate in each comparison state, sourced from US Census ACS 5-year estimates. Real bills vary by county and city; treat these as ballpark rather than apples-to-apples.
Frequently asked questions
How is property tax calculated?
Property tax is your county's tax rate — called a millage rate — applied to the taxable value of your home. Taxable value starts with the assessed value (usually close to market value in the year you buy) and then subtracts any exemptions, like a homestead or primary-residence exemption. The result is multiplied by the millage rate to get your annual tax bill. This calculator lets you enter any state's rate and exemption to see the estimate.
Why does my assessed value grow slower than my home's market value?
Many states cap how fast assessed value can increase each year, which protects long-term homeowners from large tax spikes when home prices rise quickly. Florida caps it at the lesser of 3% or inflation through the Save Our Homes program; California caps it at 2% under Prop 13. This calculator projects your estimated assessed value and annual tax forward 10 years at whatever cap you enter.
What is a homestead exemption and does every state have one?
A homestead exemption reduces the taxable value of your home if it's your primary residence, which lowers your annual property tax bill. Florida's exemption is up to $50,000; some states offer smaller amounts, and others offer none at all. This calculator accepts the exemption as a dollar amount you enter, so it works in any state. Your county assessor's office or state revenue department is the authoritative source for what exemptions apply to you.
How accurate is the state-by-state comparison in this calculator?
The state comparison uses effective property-tax-rate medians from US Census American Community Survey (ACS) data. These are statewide averages — actual rates vary significantly by county and city within each state. The comparison is intended to show rough order-of-magnitude differences, not an apples-to-apples prediction of what you'd pay in a specific location.
Related calculators
Estimates only — not a tax bill or appraisal. County millage and assessment practices vary widely by state; we don't model special assessments, non-ad-valorem fees, exemption portability, senior or veteran exemptions, or partial-year proration. The 10-year projection assumes the annual assessment cap you enter; real caps, where they exist, are often the lesser of that figure or CPI. State comparison rates are effective medians from US Census ACS data and do not reflect local variation. Methodology last reviewed: May 26, 2026.