Property Tax Calculator
Estimate annual property taxes based on assessed value, rates, and exemptions.
Property Tax Calculator
Calculate your annual property taxes based on assessed value and local tax rates
🏠Property Information
Value determined by tax assessor
Percentage of market value used for tax assessment (varies by state)
📊Tax Rates (Mills)
1 mill = $1 per $1,000 of assessed value
💰Exemptions & Deductions
Tax Breakdown by Jurisdiction
Detailed Calculation
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Understanding Mills
A "mill" is one-tenth of one cent ($0.001) or $1 per $1,000 of assessed value. For example:
- 10 mills = $10 per $1,000 of assessed value = 1%
- On a $300,000 assessed value: 10 mills = $3,000 annual tax
Understanding Mills (Tax Rate)
How mill rates translate to actual tax amounts
= $10 per $1,000
= 1% tax rate
On $300K: $3,000/year
= $25 per $1,000
= 2.5% tax rate
On $300K: $7,500/year
= $50 per $1,000
= 5% tax rate
On $300K: $15,000/year
💡 Formula: Annual Tax = (Taxable Value ÷ 1,000) × Mill Rate
Example: ($300,000 ÷ 1,000) × 25 mills = 300 × $25 = $7,500 per year
Common Tax Exemptions
- Homestead Exemption: Reduces assessed value for primary residences
- Senior Exemption: Additional savings for homeowners age 65+
- Veteran Exemption: Benefits for qualifying military veterans
- Disability Exemption: Reductions for disabled homeowners
Property Tax Tips
Frequently Asked Questions
How often are property taxes reassessed?
This varies by jurisdiction. Some areas reassess annually, while others do it every 2-5 years. Major renovations or market changes can trigger earlier reassessments. Check with your local assessor's office for specific timelines in your area.
Can I appeal my property tax assessment?
Yes! If you believe your assessment is too high, you can file an appeal with your local assessment board. Gather evidence like recent appraisals, comparable sales, or photos of property issues. There's usually a strict deadline after receiving your assessment notice.
What happens if I don't pay property taxes?
Unpaid property taxes can lead to penalties, interest charges, liens on your property, and eventually tax foreclosure. Most jurisdictions offer payment plans if you're struggling. Contact your tax collector's office immediately if you can't pay on time.
Are property taxes deductible on federal income tax?
Yes, property taxes are generally deductible on federal income tax if you itemize deductions. However, the SALT (State and Local Tax) deduction is capped at $10,000 total for property tax plus state income/sales tax combined. Consult a tax professional for your specific situation.
Why are my property taxes higher than my neighbor's?
Several factors affect individual property taxes: assessment value differences, exemptions, when the property was last assessed, and property improvements. Two similar houses can have different taxes if one has a homestead exemption, was assessed more recently, or underwent renovations.
How do I qualify for homestead exemption?
Homestead exemptions typically require that the property be your primary residence (where you live most of the year). Requirements vary by state but usually include: filing an application with your county assessor, providing proof of residency (driver's license, voter registration), and owning the property on January 1st of the tax year. Some states have income limitations or limit exemptions to first-time applicants.
What factors affect my property's assessed value?
Assessed value is influenced by: location (neighborhood quality, schools, amenities), property size (square footage, lot size), age and condition, recent sales of comparable properties, improvements or renovations, and market trends. Adding a pool, finishing a basement, or building an addition will typically increase your assessment. Poor maintenance or property damage can decrease it.
Can property taxes go down?
Yes! Property taxes can decrease if: local governments reduce mill rates, your assessed value drops (due to market decline or successful appeal), you qualify for new exemptions, or your property sustains damage. During housing market downturns, many homeowners successfully appeal for lower assessments. Some states also have tax caps limiting annual increases.
What's the difference between assessed value and market value?
Market value is what your home would sell for in the current market. Assessed value is the value assigned by your county assessor for tax purposes, often calculated as a percentage of market value (the assessment ratio). For example, if market value is $350,000 and your state uses an 85% assessment ratio, your assessed value would be $297,500. Only assessed value is used to calculate property taxes.
How are property taxes used by local governments?
Property taxes primarily fund local services: public schools (typically 40-60% of total), police and fire departments, road maintenance, parks and recreation, libraries, and local government operations. Each taxing entity (county, city, school district, special districts) sets its own mill rate based on its budget needs. This is why you see multiple rates on your tax bill—each funds different services.
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