Property Tax Calculator

Your local government multiplies your home's assessed value by a tax rate (often expressed as a millage rate). Expressed as an effective rate — the tax as a percentage of market value — it typically runs from about 0.3% in low-tax states to over 2% in high-tax ones. On a $400,000 home at 1.1%, that's $4,400 a year.

It's the property tax you actually pay as a share of your home's market value, which lets you compare places on equal footing despite different assessment rules and millage rates. It's the number this calculator uses, and the one published in state-by-state comparisons.

Two reasons: your home's assessed value rises with the market, and local governments adjust rates to fund schools and services. Some states (like California under Proposition 13) cap how fast assessments can climb, which is why a long-time owner can pay far less than a recent buyer next door.

Usually, yes. Most lenders collect 1/12 of your annual property tax each month in an escrow account and pay the bill for you — which is why a 'fixed' mortgage payment can still rise when taxes or insurance go up. That monthly slice is what this calculator's 'added to monthly payment' figure shows.