Property tax is charged on assessed value, not market value — and exemptions come off before the rate applies. Skipping those two steps is why most quick estimates are wildly wrong. This calculator handles both, and converts everything into the monthly escrow figure that lands in your mortgage payment.
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Your county multiplies the assessed value by the tax rate, not the market value. Many states assess at a fraction of market value, and exemptions are subtracted first — so the same rate produces very different bills across counties.
A mill is $1 of tax per $1,000 of taxable value. A 20-mill rate equals 2% of taxable value. Counties publish millage; comparing across states is easier using the effective rate on market value, which this calculator shows.
A reduction in assessed value for a primary residence, subtracted before the tax rate applies. Amounts vary widely by state and many homeowners never file for one. Your county assessor lists the exemptions available and the filing deadline.
Often, yes. Many counties reassess at the sale price, so a home last assessed years ago can jump sharply in your first year. Never budget from the seller's current tax bill — check the assessor's reassessment policy before you buy.
Usually. Lenders collect one twelfth of the annual bill each month into an escrow account and pay the county on your behalf. Your escrow payment is re-analyzed annually and changes when the tax bill or insurance premium does.
Sources: US Census Bureau — American Community Survey, property taxes paid; Tax Foundation — property taxes by state; State effective rates bundled in calc-engine/data/2026 — re-verified annually.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.