Property Tax Calculator

Property taxes are calculated by multiplying your property's assessed value by the local tax rate (mill rate). The assessed value is typically determined by local tax assessors and may differ from market value. Tax rates vary significantly by location.

Market value is what your home would sell for on the open market. Assessed value is what the local tax assessor determines for tax purposes, often a percentage of market value. The assessment ratio varies by jurisdiction, typically ranging from 80-100% of market value.

Yes, several options exist: Apply for homestead exemptions, senior citizen exemptions, or disability exemptions. You can also appeal your assessment if you believe it's too high. Some states offer property tax freezes for seniors or first-time homeowners.

Exemptions reduce your taxable assessed value. Common exemptions include homestead (primary residence), senior citizen, veteran, disability, and agricultural exemptions. Each exemption has specific eligibility requirements and application processes.

Due dates vary by location. Some jurisdictions require annual payments, others semi-annual or quarterly. Many homeowners pay monthly through mortgage escrow accounts. Check with your local tax collector for specific deadlines to avoid penalties.

Unpaid property taxes accrue interest and penalties. After a certain period (varies by state), the government can place a tax lien on your property. Eventually, your home could be sold at a tax sale to recover the debt.

Assessment frequency varies by jurisdiction. Some areas reassess annually, others every few years. Major improvements or changes to your property can trigger reassessment. Regular reassessments help ensure fair taxation based on current values.

Yes, property taxes are deductible on federal income taxes if you itemize deductions. The Tax Cuts and Jobs Act capped the state and local tax (SALT) deduction at $10,000 ($5,000 if married filing separately).

A mill rate is the tax rate per $1,000 of assessed value. One mill equals $1 of tax for every $1,000 of assessed value. For example, a mill rate of 20 means you pay $20 per $1,000 of assessed value.

Property taxes can increase due to rising property values, increased mill rates, or changes in local budgets. Some states have caps limiting annual increases. Regular reassessments and budget needs of local governments affect rates.

Property taxes primarily fund local services: public schools (often 40-60%), police and fire departments, road maintenance, parks, libraries, and local government operations. The allocation varies by municipality.

If you have a mortgage, your lender may require an escrow account. You pay 1/12 of annual taxes monthly with your mortgage payment. The lender pays the tax bill when due. This ensures taxes are paid on time and spreads the cost throughout the year.