Property Tax Calculator
Property taxes fund local schools, roads, and services, and they vary widely by county — from under 0.3% of home value in Hawaii to over 2% in parts of New Jersey and Texas — making them one of the most variable and significant costs of homeownership. This calculator estimates your annual and monthly property tax based on your home's value and your local property tax rate, and it projects the lifetime cost over your expected holding period so you can see the long-term burden. Enter your home's value and your local property tax rate (as a percentage), and the calculator returns your annual and monthly property tax and the projected lifetime cost. The average U.S. property tax rate is about 1.1% of home value, but local rates vary dramatically, so check your local tax assessor's office for the exact millage rate before relying on an estimate. Your home's assessed value is set by the local assessor, usually based on recent sales of comparable homes, though some states cap annual increases, which can create a gap between assessed and market value over time. If your assessed value seems too high, you can appeal it with evidence of comparable sales, and many appeals succeed and lower the bill. If you itemize on your federal return, property tax is part of the SALT deduction, capped at $10,000 per return, though most homeowners now take the standard deduction. Property taxes vary so much by state because states fund services differently — some rely heavily on property tax, others on income or sales tax, and local school funding also drives differences. Use this calculator to estimate a major cost of homeownership, to see the monthly impact on your budget, and to compare the property-tax burden across areas before you buy.
Property Tax Calculator
Estimate annual and monthly property taxes based on home value and local rate.
Annual property tax
$4,400
1.1% of value
Monthly property tax
$367
Over 30 years
$132,000
Property tax rates vary widely by county — from under 0.3% in Hawaii to over 2% in parts of New Jersey and Texas. Check your local assessor's office for the exact millage rate.
How to Use This Calculator
- 1Enter your home's value.
- 2Enter your local property tax rate (as a percentage).
- 3Read your annual and monthly property tax.
Why It Helps
- ✓Estimates a major cost of homeownership.
- ✓Shows monthly impact on your budget.
- ✓Projects lifetime property tax cost.
- ✓Helps compare tax burden across areas.
About This Calculator
Property taxes fund local schools, roads, and services, and they vary widely by county — from under 0.3% of home value in Hawaii to over 2% in parts of New Jersey and Texas — making them one of the most variable and significant costs of homeownership. This calculator estimates your annual and monthly property tax based on your home's value and your local property tax rate, and it projects the lifetime cost over your expected holding period so you can see the long-term burden. Enter your home's value and your local property tax rate (as a percentage), and the calculator returns your annual and monthly property tax and the projected lifetime cost. The average U.S. property tax rate is about 1.1% of home value, but local rates vary dramatically, so check your local tax assessor's office for the exact millage rate before relying on an estimate. Your home's assessed value is set by the local assessor, usually based on recent sales of comparable homes, though some states cap annual increases, which can create a gap between assessed and market value over time. If your assessed value seems too high, you can appeal it with evidence of comparable sales, and many appeals succeed and lower the bill. If you itemize on your federal return, property tax is part of the SALT deduction, capped at $10,000 per return, though most homeowners now take the standard deduction. Property taxes vary so much by state because states fund services differently — some rely heavily on property tax, others on income or sales tax, and local school funding also drives differences. Use this calculator to estimate a major cost of homeownership, to see the monthly impact on your budget, and to compare the property-tax burden across areas before you buy.
Disclaimer: This calculator provides estimates for educational purposes only and does not constitute financial, tax, or investment advice. Results depend on assumptions that may not reflect your actual situation.
Frequently Asked Questions
What is the average U.S. property tax rate?
About 1.1% of home value, but it ranges from under 0.3% (Hawaii) to over 2% (parts of New Jersey and Texas).
How is my home's assessed value determined?
By the local assessor, usually based on recent sales of comparable homes. Some states cap annual increases, creating a gap between assessed and market value.
Can I appeal my property tax assessment?
Yes. If your assessed value seems too high, you can appeal with evidence of comparable sales. Many appeals succeed and lower the bill.
Is property tax deductible?
If you itemize, property tax is part of the SALT deduction, capped at $10,000 per return. Most homeowners now take the standard deduction.
Why do property taxes vary so much by state?
States fund services differently. Some rely heavily on property tax, others on income or sales tax. Local school funding also drives differences.
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Written by
James MitchellSenior Financial Analyst & Personal Finance Expert
Certified Financial Planner (CFP) • MBA in Finance, University of Chicago Booth School of Business