Property Tax Calculator – Formula

A property tax calculator turns your local tax rate into the dollars you actually pay. The calculation follows Property tax = assessed value × tax rate, where the assessed value is what your taxing authority has valued the property at — often a fixed fraction of market value — and the rate is expressed either as a percentage or as millage (dollars per 1,000 of assessed value). On a 350,000 market-value home assessed at 80% (280,000) with a 1.2% rate, the annual bill is 3,360, or 280 per month — the figure lenders typically roll into your escrow payment. Raise the assessed ratio or the rate and the bill scales linearly, so the tool doubles as a what-if check before an assessment appeal. The result updates instantly whenever you change an input, and every figure is shown in the same currency and units you entered, with no hidden conversion applied.

1. 1

   Step 1

   Enter your property's market value, the assessment ratio your jurisdiction applies, and the annual tax rate (percentage or millage).

2. 2

   Step 2

   The tool computes the assessed value first, then applies Property tax = assessed value × tax rate to get the annual bill.

3. 3

   Step 3

   Read the annual and monthly property tax, plus the effective rate as a percentage of market value, directly below the inputs.