Property Tax Calculator 2026: Estimate Your Annual Bill
Calculate your estimated annual property tax and monthly escrow with this quick calculator. Enter your home market value, your local assessment ratio (the percentage of value used for tax; many states assess below 100% market value), and your annual tax rate to see your assessed value, annual property tax bill, monthly escrow payment and five-year total. Most property taxes are collected as monthly escrow through your mortgage payment, so the calculator shows both the annual and monthly figures clearly. The 1.1% default rate is a rough US average estimate only; contact your county assessor for your exact local rate and assessment ratio, which vary widely by jurisdiction. Perfect for budgeting your total housing costs, comparing homes in different counties with different tax rates, or understanding the impact of home appreciation on your property tax bill.
A $400,000 home assessed at full value with a 1.1% tax rate has an annual property tax of $4,400, or $367 per month in escrow. Enter your local assessment ratio and rate below. Rates vary by county and city; contact your county assessor for the exact figure.
Worked example (defaults)
Using the default inputs: $400,000 home value, 100% assessment ratio, 1.1% tax rate.
- Assessed value = $400,000 x (100 / 100) = $400,000.
- Annual tax = $400,000 x (1.1 / 100) = $400,000 x 0.011 = $4,400.
- Monthly escrow = $4,400 / 12 = $366.67 (displayed as $367).
- 5-year total = $4,400 x 5 = $22,000.
With a 25% assessment ratio (common in some states): assessed value = $400,000 x 0.25 = $100,000; annual tax at 1.1% = $1,100; monthly escrow = $91.67.
The 1.1% rate is a rough illustrative figure only. Rates vary widely by county and city. Contact your county assessor for your exact rate.
How property tax works
Property tax is levied by local governments (counties, cities and special districts) on real estate you own. The annual bill is calculated by applying the local tax rate to the assessed value of your property, which is typically a fraction of its market value set by the county assessor.
If you have a mortgage, your lender usually collects one-twelfth of the annual bill each month in an escrow account and pays the tax on your behalf when it is due. This is the monthly escrow figure this calculator shows.
Tax rates are sometimes expressed as mill rates rather than percentages. One mill equals $1 per $1,000 of assessed value, or 0.1%. A rate of 15 mills equals 1.5%; divide mills by 10 to convert to a percentage for this calculator.
Assessment ratio
Most people assume property tax is applied to the full market value, but many states assess at a fraction of it. The assessment ratio is the proportion of market value that forms the taxable base. For example:
- A ratio of 100% means assessed value equals market value (most common).
- Some states set ratios between 10% and 50% of market value, and then publish higher nominal rates against that lower base.
- The result (tax dollars) is mathematically the same, but you need both figures to calculate correctly.
Your notice of assessment from the county assessor will show both the assessed value and the market value it was derived from. You can back-calculate the ratio as: assessed value / market value x 100.
Finding your local rate
The authoritative source for your property tax rate is your county assessor or tax collector. Look for your annual notice of assessment, which shows the current assessed value, the rate applied and the resulting bill. Many county assessors publish their rates on their official websites.
The Lincoln Institute of Land Policy tracks state-level average effective rates at lincolninst.edu. These averages are useful for broad comparisons, but the rate for your specific parcel is set by your local county or city authority, not by the state average.
Note: if you enter a rate you found online from a third-party aggregator, verify it against your own notice of assessment or the county assessor's website. Rates change each year and vary between different taxing districts within the same county.
Frequently asked questions
What is an assessment ratio?
The assessment ratio is the percentage of a property's market value that the local assessor uses as its taxable assessed value. A ratio of 100% means the assessed value equals market value. Many states assess below market: for example, some states use ratios as low as 10 to 25% of market value. If your home is worth $400,000 and the ratio is 25%, the assessed value is $100,000 and tax is calculated on that lower figure.
What is a mill rate?
A mill rate (or millage rate) is a common way local governments express property tax rates. One mill equals one dollar of tax per $1,000 of assessed value, which is the same as 0.1% of assessed value. To convert mills to a percentage rate: divide mills by 10. For example, 15 mills = 1.5%. The formula is: annual tax = assessed value x (mills / 1000).
How do I find my property tax rate?
Your county or city assessor's office publishes the current tax rate (or millage). You can find it on the assessor's website, your annual notice of assessment, or your mortgage escrow statement. The Lincoln Institute of Land Policy tracks state-level averages at lincolninst.edu, but the authoritative local rate is set by your county or city.
Can I appeal my property tax assessment?
Yes. If you believe your property has been assessed above its market value, you can file an appeal with your county assessor or local board of review (sometimes called a board of equalization or appeal). The process typically involves submitting a form within a deadline set on your notice of assessment, providing evidence of market value (such as recent comparable sales), and attending a hearing. Contact your county assessor for the specific process and deadlines in your jurisdiction.
Sources and verification
- Lincoln Institute of Land Policy, Significant Features of the Property Tax (state average effective rates): lincolninst.edu
Definitive rates are set by local county and city assessors. Contact your county assessor for current rates. The 1.1% default rate in this calculator is a rough illustrative estimate and is not sourced as an authoritative rate for any jurisdiction.
Reviewed by the CalculatorHub team, edited by James Graham, 12 June 2026. Read our methodology and editorial standards. This tool is general information, not financial or tax advice.