Property Tax Calculator

Property tax is calculated by multiplying your home's assessed value by the local tax rate, often called a millage rate.

The assessed value isn't always the same as market value — many counties apply an assessment ratio, so a $400,000 home might be assessed at 80% of that figure, or $320,000.

Tax rates vary widely by state, county, school district, and city, and they typically combine into one total rate.

For example, a home assessed at $300,000 with a combined rate of 1.5% would owe $4,500 per year.

Exemptions like homestead, senior, or veteran credits can lower the taxable portion before the rate is applied.

Property tax and home insurance are often bundled into the same monthly mortgage payment through an escrow account, which makes them easy to confuse.

Property taxes are mandatory payments to local governments based on your home's assessed value, and they fund schools, roads, and emergency services.

Home insurance is a private contract that protects you financially against fire, theft, storm damage, and liability claims, with premiums set by your insurer based on risk factors like location, construction, and claims history.

Taxes rise or fall with assessments and local budgets, while insurance premiums depend on market conditions and your coverage choices.

Both are recurring costs every homeowner should budget for separately.