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Property Tax Calculator
Annual charge from assessed value and rate.
What it does. Property tax is assessed value multiplied by the rate, which is often expressed in mills — one mill is one dollar per thousand of assessed value, or 0.1%. Assessed value is frequently not market value, and the gap between them is where most confusion lives.
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How to use Property Tax Calculator
- Enter the assessed value and any exemptions.
- Enter the rate as a mill rate or a percentage.
- Read the annual charge and the monthly equivalent.
Assessed value is not market value
Many jurisdictions assess at a fixed ratio of market value — sometimes 100%, often much less — and some cap how fast assessed value can rise regardless of what the market does.
So two identical neighbouring houses can carry very different bills if one changed hands recently and reset its assessment.
This is also why a rising market does not automatically raise your bill, and why buying a house can raise it sharply the year after purchase. Check what your assessment actually says before comparing with a neighbour.
Mills, percentages and the same number
| Expressed as | Equivalent | On a $300,000 assessment |
|---|---|---|
| 1 mill | 0.1% | $300 |
| 10 mills | 1.0% | $3,000 |
| 15 mills | 1.5% | $4,500 |
| 25 mills | 2.5% | $7,500 |
| $1 per $1,000 | 1 mill | $300 |
A total rate is usually several separate levies stacked — county, city, school district, and sometimes special districts. The school levy is frequently the largest component, which is why rates vary so much between adjacent districts.
Exemptions are worth checking
Homestead exemptions, and reliefs for older residents, veterans and people with disabilities, reduce the assessed value before the rate applies. They are often not automatic — they need an application, sometimes once, sometimes annually.
A missed exemption is a recurring overpayment rather than a one-off.
Appealing an assessment is also more successful than most people assume, particularly where comparable properties are assessed lower. There is usually a narrow annual window for it.
Frequently asked questions
What is a mill rate?
One mill is one dollar of tax per thousand dollars of assessed value — the same as 0.1%. A 15 mill rate is 1.5%, or $4,500 on a $300,000 assessment.
Is property tax based on what my house is worth?
On assessed value, which is often a fixed ratio of market value and sometimes capped in how fast it can rise. Two identical houses can carry very different bills if one recently changed hands.
Why did my property tax jump after I bought the house?
Many jurisdictions reset the assessment on sale, so a value that had been capped for years catches up with the market in one step.
What is a homestead exemption?
A reduction in assessed value for a primary residence, applied before the rate. It usually needs an application rather than arriving automatically, and a missed one is a recurring overpayment.
Why is my rate different from the next town over?
Because the total is several levies stacked — county, city and school district, sometimes special districts. The school component is frequently the largest and varies sharply between adjacent districts.