Property Tax Calculator
Estimate your property taxes by state and local tax rates. Calculate annual and monthly tax payments based on your property's assessed value.
Calculate Your Property Taxes
Enter your property details below to estimate your annual and monthly property tax payments
Property Tax Calculator 2026
Most accurate property tax calculator with 2026 rates
Assessed Value: $0 (11.5% of market value)
State average: 1.25%
Tax Exemptions
Annual Property Tax
This calculator provides estimates based on the information you enter and current market data. Actual results may vary based on:
- Local tax assessment methods and schedules
- Special assessments or additional fees
- Changes in tax rates or policies
- Individual property characteristics
- Available exemptions and deductions
The results shown are for informational purposes only and should not be considered financial advice. Please consult with a qualified tax professional or your local tax assessor's office for specific guidance regarding your property taxes.
National Mortgage Center does not guarantee the accuracy of these calculations and is not responsible for any actions taken based on the information provided.
Understanding Property Taxes
Learn how property taxes work and how they affect your homeownership costs
How Property Taxes Work
Property taxes are calculated based on your home's assessed value and your local tax rate. These taxes fund local services like schools, emergency services, road maintenance, and other community services. Tax rates vary significantly by location, and many areas offer exemptions that can reduce your tax burden.
Key Components:
- Assessed Value: Official property valuation by tax assessor
- Mill Rate/Tax Rate: Percentage of value taxed
- Assessment Ratio: Portion of value that's taxable
- Exemptions: Reductions in taxable value
Tax Saving Strategies
- Apply for homestead exemption
- Check for senior citizen discounts
- Appeal incorrect assessments
- Research available tax breaks
- Consider tax-friendly locations
- Track home improvements
Important Note:
Property tax rates and rules vary significantly by location. Contact your local tax assessor's office for specific information about rates and exemptions in your area.
Property Tax Assessment Methods
Market Value Method
- Based on current market conditions
- Considers recent sales of similar properties
- Updated periodically
- Most common assessment method
Cost Method
- Estimates cost to replace property
- Factors in depreciation
- Includes land value
- Used for unique properties
Income Method
- Based on potential rental income
- Used for commercial properties
- Considers operating expenses
- Factors in capitalization rate
Frequently Asked Questions
How are property taxes calculated?
Property taxes are calculated by multiplying your property's assessed value by the local tax rate (mill rate). The formula is: Property Tax = Assessed Value × Tax Rate. Assessed value is typically a percentage of the property's market value, and tax rates vary by location.
What is the difference between assessed value and market value?
Market value is what your property would sell for in the current real estate market. Assessed value is the value assigned by the tax assessor for tax purposes, which is often lower than market value. The assessed value is multiplied by an assessment ratio (often 80-100%) to determine the taxable value.
How often do property taxes change?
Property taxes can change annually when local governments adjust tax rates or when your property is reassessed. Reassessments typically occur every 1-5 years depending on your location. Tax rates may also change when local budgets are adjusted.
Can I reduce my property taxes?
Yes, you can reduce property taxes by applying for exemptions (homestead, senior citizen, veteran, etc.), appealing an incorrect assessment, or taking advantage of tax breaks. Some areas also offer property tax deferral programs for qualifying homeowners.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence, lowering your property tax bill. Requirements and benefits vary by state and locality. You typically need to apply for this exemption and prove the property is your primary residence.
How do property taxes affect my mortgage payment?
Property taxes are often included in your monthly mortgage payment through an escrow account. Your lender collects 1/12 of your annual property tax each month and pays it when due. Higher property taxes increase your total monthly payment.
Which states have the highest property taxes?
States with the highest effective property tax rates typically include New Jersey, Illinois, New Hampshire, Connecticut, and Wisconsin. However, actual tax amounts depend on property values and local rates, so a high-rate state with low property values may have lower total taxes than a low-rate state with high values.
Can I appeal my property tax assessment?
Yes, you can appeal your property tax assessment if you believe it's incorrect. The process varies by location but typically involves filing an appeal with your local assessor's office, providing evidence of comparable properties or errors, and attending a hearing. Deadlines are usually strict, so act quickly.
Need Help Understanding Your Property Taxes?
Our mortgage experts can help you understand how property taxes affect your monthly payments and find the best mortgage solution for your needs.