Property Tax Calculator (2026)
Estimate your annual property tax from your home's assessed value and local tax rate. See your yearly and monthly bill, how a homestead exemption lowers it, and why the rate you pay changes so much from one state to another.
Estimate your 2026 property tax bill
How property tax is calculated in 2026
Property tax is the yearly charge your local government levies on real estate, and it funds schools, roads, police and fire service in your area. Because it is set at the county and municipal level, there is no single national number — the answer to how do you calculate property tax always comes down to two figures: your home's taxable (assessed) value and the combined local rate.
The math itself is simple: taxable value minus exemptions, multiplied by the rate. What makes bills differ so much is that both inputs vary by location. A high-value home in a low-rate county can owe less than a modest home in a high-rate one. That is why the same property can produce very different results — the reason a Texas property tax calculator and a Michigan property tax calculator return numbers that feel worlds apart even for identical home values.
States with no income tax, such as Texas and Florida, often lean on higher property taxes to raise revenue, while property taxes in Florida also carry a Save Our Homes assessment cap for primary residences. A California homeowner, by contrast, benefits from Proposition 13, which caps assessment growth so the taxable value can trail the market value for years. Always confirm your own rate locally rather than assuming a state average.
Annual property tax by rate on a $300,000 home
| Effective rate | Taxable value | Annual tax | Monthly |
|---|---|---|---|
| 0.40% | $300,000 | $1,200 | $100 |
| 0.80% | $300,000 | $2,400 | $200 |
| 1.10% | $300,000 | $3,300 | $275 |
| 1.60% | $300,000 | $4,800 | $400 |
| 2.10% | $300,000 | $6,300 | $525 |
These rows are arithmetic examples, not official state rates. They show how sensitive the bill is to the rate: doubling the rate doubles the tax. Enter your own value and rate above for a figure that fits your county.
How to use this calculator
- Enter the home's assessed value. Type the taxable value your county assessor assigned to the property. If you only know the market value, use that — it is usually close enough for an estimate of your property tax bill.
- Look up and enter your effective tax rate. Find your combined rate on a recent tax bill or your county assessor's site. If you do not have it, look it up by ZIP code or county; effective rates commonly range from under 0.5% to over 2%.
- Subtract any homestead exemption. Enter a homestead, senior or veteran exemption if you qualify. The exemption lowers the taxable value before the rate is applied, so it directly reduces what you owe.
- Review your annual and monthly property tax. The result shows the yearly bill and the monthly amount lenders usually collect in escrow, plus the taxable value the rate was applied to.
Frequently asked questions
How do you calculate property tax?
Multiply your home's taxable (assessed) value, after subtracting any exemptions, by your local effective tax rate. For example, a $300,000 taxable value at a 1.10% rate is $3,300 a year. The rate is set locally, so two homes of equal value in different counties can owe very different amounts.
What is the difference between assessed value and market value?
Market value is roughly what the home would sell for; assessed value is what your county uses for taxation. Some states assess at a fraction of market value or cap how fast the assessed value can rise, so the two figures are often not the same. Use the assessed value when you have it.
Can I estimate property tax by ZIP code or county?
Yes. Look up your county's effective rate — it is on recent tax bills and most assessor websites — then enter it with your home's value here. Rates vary within a state by county, city and school district, so a local rate is far more accurate than a statewide average.
How does a homestead exemption change my property tax?
A homestead exemption lowers the taxable value before the rate is applied, so it reduces the bill dollar-for-dollar at your rate. If a $50,000 exemption applies at a 1.5% rate, it saves $750 a year. Eligibility and amounts differ by state and are usually limited to your primary residence.
Is property tax deductible on my federal taxes in 2026?
Real estate taxes you paid can be deducted if you itemize, within the 2026 SALT cap of $40,000 ($20,000 married filing separately). If you take the standard deduction instead, property tax does not lower your federal bill. State rules for any property tax relief are separate.
Property tax and your federal return
You may be able to deduct state and local real estate taxes on a federal itemized return. For 2026 the combined state-and-local-tax (SALT) deduction is limited to $40,000 ($20,000 if married filing separately), subject to an income limit but not reduced below $10,000. Only property tax you actually paid on real estate you own counts, and only if you itemize instead of taking the standard deduction.