Property Tax Calculator

Annual property tax = Assessed value × tax rate. Assessed value is usually your home's market value multiplied by an assessment ratio (100% in most states, but some states assess at a fraction of market value). Some jurisdictions apply an exemption (e.g., a homestead exemption) that reduces the taxable value first.

States and localities fund schools, police, fire, and infrastructure differently — some rely heavily on property tax with no state income tax (like New Jersey and Illinois, the two highest), while others rely more on sales or income tax and keep property tax low (like Hawaii and Alabama).

A homestead exemption reduces the taxable value of your primary residence by a fixed dollar amount or percentage, lowering your property tax bill. Eligibility and exemption amounts vary significantly by state and county — check your local assessor's office for your exact figure.

It assumes a common simplifying assumption of 3% annual appreciation to illustrate how your tax bill could grow over time even at a constant rate, since property tax is based on assessed value, which typically rises with home values.