Property Tax Calculator
Charged on assessed value, not market value.
Work out Property Tax. Charged on assessed value, not market value. Counts the thing everyone forgets to count.
Annual property tax
2,580
215 a month · 0.86% of market value
Property tax is charged on an assessed value, not a market value, and the two are often very different. An 80% assessment ratio on a 300,000 property means tax is charged on 240,000 — which is why the effective rate is always below the nominal one. Exemptions vary enormously and are usually the largest lever available: homestead, senior, veteran and agricultural exemptions can remove a substantial slice of the assessed value, and many go unclaimed. For an investment, the share of rent is the number that matters. Property tax is a fixed cost that does not fall when the property is empty, which makes it one of the more painful lines during a void.
How the Property Tax Calculator works
Property tax from assessed value, rate and exemptions, with the effective rate against market value and the share of rent it consumes. Assessed and market values are often very different.
Also known as: how much property tax will i pay · assessed value versus market value · mill rate to percentage · property tax as a share of rent
Not financial advice. This calculator is for planning and illustration, not financial advice. Real products carry fees, taxes, and terms it does not model. Confirm figures with your lender or a qualified adviser before committing.
Frequently asked questions
How is property tax calculated?
Assessed value times the tax rate, less any exemptions. Assessed value is often a fixed fraction of market value, which is why the effective rate is usually below the nominal one.
What is an assessment ratio?
The fraction of market value that is taxable. An 80% ratio on a 300,000 property means tax is charged on 240,000, and the ratio varies by jurisdiction and sometimes by property class.
What exemptions might apply?
Homestead, senior, veteran, disability and agricultural exemptions are common and frequently go unclaimed. They are usually the largest lever available on a property tax bill.
What is a mill rate?
Tax per 1,000 of assessed value. A 12-mill rate is 1.2%, and the two notations describe the same thing — mills are simply the convention in some jurisdictions.
Why does it matter for an investment?
Because it is a fixed cost that does not fall when the property is empty. Property tax is one of the more painful lines during a void, which is why the share-of-rent figure is worth watching.
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