🏡 Property Tax Calculator

Annual Property Tax = Assessed Value × Tax Rate Assessed Value = Market Value × Assessment Ratio (varies by state: 20% to 100%) Tax Rate = Mill Rate ÷ 1000 (e.g. 15 mills = 1.5% = $15 per $1,000 assessed) Net Taxable Value = Assessed Value − Exemptions

Home Market Value: $400,000 Assessment Ratio: 80% (some states assess at 80%) Assessed Value: $400,000 × 80% = $320,000 Homestead Exemption: $25,000 Net Taxable Value: $320,000 − $25,000 = $295,000 Mill Rate: 18 mills (= 1.8%) Annual Tax: $295,000 × 1.8% = $5,310 Monthly Escrow: $5,310 ÷ 12 = $442.50

Most states: 100% of market value Some states use lower ratios: California: Proposition 13 limits increases to 2%/yr New York: Varies by county (6% to 100%) Illinois: 33.3% for residential Mississippi: 10% residential, 15% commercial Arkansas: 20% residential Louisiana: 10% residential Always check your local assessor for actual ratio.

Homestead Exemption: Reduces taxable value for primary residence Range: $5,000 to $100,000+ (TX) Senior Citizen: Additional reduction for 65+ homeowners Veteran Exemption: Reduction/elimination for veterans Disability: For qualifying disabled homeowners Agricultural: Lower rates for farmland Historic Property: Tax credits for qualifying properties

If you believe your property is over-assessed: 1. Check your assessment notice for appeal deadline 2. Compare to similar properties (comparables) 3. File appeal with county assessor/board 4. Provide evidence: recent appraisal, sales data 5. Attend hearing if required Win rate: ~40-50% of appeals result in reduction. Typical deadline: 30-90 days from assessment notice.