How to use this calculator
- Enter or choose market value.
- Enter or choose assessment ratio.
- Enter or choose exemptions.
- Enter or choose rate given as.
- Enter or choose tax rate.
- The estimated property tax per year updates as you type. Use Copy result or Share to keep it.
Method
Assessed = Market value × Ratio; Taxable = max(0, Assessed − Exemptions); Tax = Taxable × Rate (÷ 100 for percent, ÷ 1,000 for mills) + Fixed charges
- Ratio
- share of market value that is assessed
- Mill
- one unit of tax per 1,000 of taxable value
Worked example
- Assessed = 400,000 × 80% = 320,000; taxable = 320,000 − 25,000 = 295,000.
- Tax = 295,000 × 22.5 ÷ 1,000 = 6,637.50; plus 300 fixed = 6,937.50.
- Per month = 6,937.50 ÷ 12 = 578.13.
With these example inputs the estimated bill is 6,937.50 a year, about 578 a month.
What the result means
The effective rate on market value lets you compare places that use different assessment ratios and exemptions.
Assumptions and limits
- Every rate, ratio and exemption is entered by you; none are built in.
- One combined rate applies to the whole taxable value.
- Tiered or banded systems (such as council tax bands), caps on assessment increases and special assessments are not modelled.
Questions
What is a mill rate?
One mill is one-thousandth. A rate of 22.5 mills means 22.50 of tax for every 1,000 of taxable value, the same as 2.25%.
Where do I find my rate and assessment?
On your assessment notice or tax bill, or from your local assessor or council.
Please note: This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ.