Quick answer
Annual property tax = (assessed value − exemption) × rate ÷ 100. A $300,000 assessed value at a 1.2% rate has a tax of $3,600 a year, or $300 a month.
Enter the assessed value, tax rate and any exemption. The calculator returns the annual and monthly tax. Use this property tax estimate calculator to check your own figures.
Related tools: Property Appreciation Calculator: Projected property value at an assumed yearly appreciation rate. Price per Square Foot Calculator: Price divided by floor area. Land Area Calculator: Area of a rectangular, triangular or circular lot in acres, hectares and square units.
How to use the Property Tax Estimate Calculator
- Enter assessed value ($) (above 0).
- Enter tax rate (of assessed value) (%) (between 0 and 100).
- Optionally, enter exemption ($) (0 or more).
- Press Calculate to see the result, and use Reset to start again.
| Input | What to enter | Allowed values |
|---|---|---|
| Assessed value | A number, in $ | > 0 |
| Tax rate (of assessed value) | A number, in % | ≥ 0, ≤ 100 |
| Exemption (optional) | A number, in $ | ≥ 0 |
Formula and method
Formula
tax = (assessed value − exemption) × rate ÷ 100
IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice.
Local rates and exemptions vary; enter the ones from your tax bill.
Worked examples
These examples are verified: each one is an automated test case that the live calculator must reproduce exactly.
Example 1
Inputs: Assessed value = 300000; Tax rate (of assessed value) = 1.2.
| Result | Value |
|---|---|
| Annual property tax | $3,600.00 |
| Monthly | $300.00 |
Example 2
Inputs: Assessed value = 300000; Tax rate (of assessed value) = 1.2; Exemption = 50000.
| Result | Value |
|---|---|
| Annual property tax | $3,000.00 |
| Monthly | $250.00 |
The first line is the headline result (annual property tax). Below it the property Tax Estimate Calculator lists monthly, which describe the same case from other angles. IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice.
Where to find the rate
Your local tax authority publishes the rate, often as a mill rate (dollars per $1,000). A rate of 12 mills equals 1.2%. Assessed value can differ from market value.
An estimate
Exemptions (homestead, senior) reduce the taxable value and can't exceed it. Actual bills include several taxing districts and may change yearly. Mortgage lenders often collect one-twelfth monthly in escrow.
How the result changes with assessed value
Holding every other input at the first worked example, this table changes only assessed value. It shows how sensitive the answer is to that one value; each row was produced by running this calculator.
| Assessed value | Annual property tax | Monthly |
|---|---|---|
| 150000 | $1,800.00 | $150.00 |
| 300000 | $3,600.00 | $300.00 |
| 600000 | $7,200.00 | $600.00 |
| 1200000 | $14,400.00 | $1,200.00 |
What happens with invalid input
These messages are produced by the calculator itself, so you know what to fix.
- Exemption: entering "200000" shows "The exemption cannot exceed the assessed value." beside that field and no result.
- Assessed value: entering "0" shows "Assessed value must be greater than 0." beside that field and no result.
Choosing between the Property Tax Estimate Calculator and similar calculators
Each row shows what a related calculator on this site asks for and what it returns, so you can pick the one that matches your question.
| Calculator | You enter | It returns |
|---|---|---|
| [Property Appreciation Calculator](/real-estate/property-appreciation-calculator/) | current value, annual appreciation and years | Projected value |
| [Price per Square Foot Calculator](/real-estate/price-per-sqft/) | price and area | Price per sq ft |
| [Land Area Calculator](/real-estate/land-area-calculator/) | shape, length unit and dimension A | Area (sq ft) |
| [Rental Property Calculator](/real-estate/rental-property-calculator/) | purchase price, down payment and mortgage rate | Annual cash flow |
| [Home Equity Calculator](/finance/home-equity-calculator/) | home value, mortgage balance and lender combined loan-to-value limit | Home equity |
Background: rental property metrics
Rental property metrics answer different questions. The cap rate is net operating income divided by the purchase price and ignores financing; cash flow is income minus operating expenses minus debt service; cash-on-cash return divides annual cash flow by the cash you actually invested. Rules of thumb such as the 1% rule (monthly rent at least 1% of the price) are quick screens, not decisions.
Check the assumptions behind any result: vacancy, management fees, repairs and taxes. Published benchmark ranges for a good cap rate or return vary between sources.
Assumptions and limitations
- Exemption cannot exceed value
Estimates only. Taxes, fees and lender or authority rules vary by place and date, so confirm figures with the relevant authority or professional.
If a required value is empty, not a number, or outside its allowed range, the form marks that field with a message and shows no result instead of a misleading number. The automated checks deliberately try invalid entries for exemption and assessed value to confirm this.
Frequently asked questions
What is a mill rate?
Dollars of tax per $1,000 of assessed value.
Is assessed value the same as market value?
Not always: the assessed value is set by the tax authority, often below market value, and the tax rate applies to it.
Can I appeal the assessment?
Usually yes, within a deadline.
What does the Property Tax Estimate Calculator calculate?
Annual property tax from an assessed value and the rate you enter. It returns Annual property tax and Monthly.
What formula does the Property Tax Estimate Calculator use?
tax = (assessed value − exemption) × rate ÷ 100. Local rates and exemptions vary; enter the ones from your tax bill.
What do I need to enter in the property Tax Estimate Calculator?
You enter Assessed value ($) and Tax rate (of assessed value) (%). Optional: Exemption ($).
How is the result rounded or limited?
IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice. Exemption cannot exceed value.
What is an example of a property Tax Estimate result?
With assessed value 300000 and tax rate (of assessed value) 1.2, the annual property tax is $3,600.00.
Can I rely on this calculator for a decision?
Estimates only. Taxes, fees and lender or authority rules vary by place and date, so confirm figures with the relevant authority or professional. For this calculator in particular: Exemption cannot exceed value.
Related calculators
- Property Appreciation Calculator — Projected property value at an assumed yearly appreciation rate.
- Price per Square Foot Calculator — Price divided by floor area.
- Land Area Calculator — Area of a rectangular, triangular or circular lot in acres, hectares and square units.
- Rental Property Calculator — Cash flow, cap rate and cash-on-cash return of a rental.
- Home Equity Calculator — Equity, loan-to-value and borrowing room against a lender limit.
- Closing Costs Estimate Calculator — Closing costs from a percentage of the price plus fees you list.
Sources
- Standard time-value-of-money relations (e.g. Brealey, Myers & Allen, Principles of Corporate Finance)
Content last reviewed 2026-11-04. Formulas and worked examples are checked by automated tests against independently computed values.