Property Tax Calculator

Estimate annual property tax with homestead exemption and assessment ratio. See monthly equivalent.

By Konstantin Iakovlev · Updated April 2026 · Source: CFPB — Owning a Home

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Annual Property Tax

$3,850.00

Monthly Equivalent

$320.83

Effective Rate

1.100%

Property Tax Breakdown

Assessed Value$350,000.00
Homestead Exemption$0.00
Taxable Value$350,000.00
Annual Tax$3,850.00
Monthly Equivalent$320.83

Use the Property Tax Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

Property taxes quietly shape the real cost of owning a home, and seeing both the annual and monthly figures in advance makes budgeting far more honest, particularly when you are weighing a purchase or a refinance. The estimate here draws on your home's market value, the assessment ratio, and any homestead exemption you qualify for, and it leans on projected 2026 rates and property value trends to keep the outlook grounded.

The annual figure follows the formula (Market Value times Assessment Ratio minus Homestead Exemption) times Millage Rate. The millage rate expresses the tax charged per $1,000 of assessed value; for 2026 the model assumes an average of 15 mills, equivalent to 0.015. Dividing that annual amount by 12 yields a monthly equivalent, which tends to slot more naturally into how most households actually plan their spending.

Treat the result as an estimate rather than a bill, because local levies, reassessments, and new municipal measures can move the actual number. The assessment ratio deserves particular attention, since it sets how much of your market value is taxable in the first place and is easy to overlook. Homestead exemption rules also differ from place to place and can trim your liability meaningfully, so it is worth confirming exactly how yours works.

Example: Estimating Property Tax for a Home in 2026

  1. 1 Imagine you're considering a home with a market value of $350,000. Your local assessment ratio is 40%, and you qualify for a $25,000 homestead exemption.
  2. 2 First, calculate the assessed value: $350,000 (Market Value) * 0.40 (Assessment Ratio) = $140,000. Next, apply the homestead exemption: $140,000 - $25,000 (Homestead Exemption) = $115,000 (Taxable Value). Using a projected 2026 millage rate of 15 mills (0.015), the annual tax is: $115,000 * 0.015 = $1,725.
  3. 3 Your estimated annual property tax would be $1,725. The equivalent monthly property tax payment would be $1,725 / 12 = $143.75.
  4. 4 This example demonstrates how the homestead exemption and assessment ratio significantly reduce your taxable value and, consequently, your annual property tax bill. This $143.75 monthly amount would be added to your estimated mortgage principal, interest, and homeowners insurance to determine your total monthly housing cost.

Source: CFPB — Owning a Home · Last updated: April 2026

Frequently Asked Questions

What is the average property tax rate in the US?
The national average effective property tax rate is about 1.1% of assessed home value. Rates vary widely, from under 0.3% in Hawaii to over 2% in New Jersey and Illinois.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence. For example, a $50,000 exemption on a $300,000 home means you are taxed on $250,000. Rules and amounts vary by state and county.
How can I lower my property tax bill?
You can appeal your property assessment if comparable homes sold for less, apply for all eligible exemptions (homestead, senior, veteran, disability), and check for assessment errors in your home's square footage or features.

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