SlickCalc

Property Tax Calculator

Estimate property tax on any home. Pick a state to load the average effective rate, or enter your local rate. Includes homestead exemption and a monthly equivalent breakdown.

Property Details

Use market value for most states. CA and FL use lower assessed values — adjust if you know yours.

The state average is a starting point. Your county / city / school district rate may differ — edit to your local rate.

Reduces taxable value. Common in FL ($50K), TX ($100K), and many other states for owner-occupied homes.

Results

Annual Property Tax

$4,000.00

≈ $333.33 / month

Taxable Value

$400,000

Per $1,000

$10.00

Monthly

$333.33

How Property Tax Is Calculated

Property tax is the annual bill homeowners pay to local governments — counties, cities, school districts — based on the assessed value of the home. The basic formula is: annual tax = (assessed value − exemptions) × effective tax rate. This calculator handles that math and lets you compare against your state's average. Effective tax rate is the actual percentage paid, not the headline 'mill rate' — it accounts for assessment ratios, exemptions, and any caps that reduce the bill.

Rates vary dramatically across the country. New Jersey, Illinois, and New Hampshire top the list with effective rates over 1.9%, while Hawaii, Alabama, and Colorado pay under 0.6%. The variation reflects how local governments fund schools and services — high-property-tax states tend to have lower or no state income tax, and vice versa. Even within a state, county and city rates differ; the average shown here is a starting point that you should adjust for your specific county or school district.

Homestead exemptions reduce the taxable value for owner-occupied primary residences and can save hundreds to thousands per year. Florida's homestead is $50,000; Texas allows a $100,000 school-district exemption (plus additional for seniors and veterans); many states have smaller fixed-amount exemptions ($10K-$25K). If you live in your home, always claim the homestead — it usually requires a one-time application with your county assessor.

Want to see the full picture of homeownership cost? Pair this with a mortgage calculator which already includes property tax in PITI, our rent vs buy for a long-run comparison, or HELOC and home equity calculators if you're tapping equity.

Frequently Asked Questions

How much is property tax on a $400,000 home?
Depends entirely on the state. At the national average effective rate of 0.99%, a $400,000 home costs about $3,960/year. In low-tax states like Hawaii (0.27%), it would be about $1,080. In high-tax states like New Jersey (2.23%), it would be about $8,920. Use the state dropdown to apply your state's average.
What's the difference between assessed value and market value?
Market value is what your home could sell for. Assessed value is what the county tax assessor calls it — and in many states, that's 80-100% of market value. California uses 100% but caps annual increases at 2% (Proposition 13). Florida uses 100% but offers a homestead 'Save Our Homes' cap. Most other states reassess every 1-3 years, often lagging behind market value. If you can find your actual assessed value on your tax bill, use that; otherwise market value is a reasonable approximation.
What's a homestead exemption?
An owner-occupied primary residence exemption that reduces taxable value. Florida's is $50,000 (so a $300K home is taxed on $250K). Texas allows $100,000 for school-district taxes. Senior, veteran, and disability add-on exemptions stack on top. The exemption only applies if you live in the home; rental and second homes don't qualify. Apply once at your county assessor — it renews automatically each year.
Why are my neighbor's property taxes different from mine?
Common reasons: (1) different homestead status — they may have claimed an exemption you haven't, (2) different assessed values — homes are reassessed at different times, especially after sale, (3) different jurisdictions — even on the same street, school district or special-assessment lines can change the rate, (4) Proposition 13-style caps that lock in older homeowners at lower assessed values (CA, FL Save Our Homes). Long-term homeowners typically pay less than new buyers for identical homes.
Can I deduct property tax from federal income tax?
Yes, but the SALT (state and local tax) cap limits the total deduction to $10,000 per year for combined state income tax + property tax + local taxes. If you live in a high-property-tax state (NJ, IL, NY, CA), you likely hit the cap and can only deduct $10K total. Property tax is also deductible on rental properties without the SALT cap. This calculator doesn't compute deductions — it only shows what you'll pay to the county.
How often do property taxes change?
Most counties reassess values every 1-3 years, and millage rates can change annually. In any given year, your bill might rise 2-10% even without selling the home. Big jumps usually happen the year after you buy (the assessor catches up to the sale price) or after major renovations. If your bill looks wrong, you can appeal — typically within 30-90 days of receiving the assessment notice.

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