About this Calculator
Property tax is calculated by multiplying your property's assessed value by the local tax rate (mill rate). One mill equals $1 of tax per $1,000 of assessed value. A home assessed at $350,000 with a mill rate of 15 would owe $5,250 in annual property tax.
Many jurisdictions assess property at less than market value. The assessment ratio shows what percentage of market value is used. A 100% ratio means the assessment equals market value; 80% means only 80% of market value is taxed.
Frequently Asked Questions
What is a mill rate?+
A mill rate (or millage rate) is the amount of tax per $1,000 of assessed value. A mill rate of 20 means you pay $20 for every $1,000 of assessed value — or 2% of assessed value.
Why is my assessed value different from market value?+
Municipalities often assess properties at a fraction of market value. The assessment ratio tells you the relationship. In some states, assessments lag market values by years.
Can I appeal my property assessment?+
Yes. Most jurisdictions allow homeowners to appeal their property assessment if they believe it's too high. You typically need comparable sales data to support your case.
Does this include local school and special district taxes?+
No. Property tax bills often include multiple levies: county, city/town, school district, and special districts. Each has its own mill rate contributing to your total bill.