Property Tax Calculator
Calculate your annual property tax based on your home's assessed value and local tax rates. This tool helps homeowners estimate their property tax obligations for budgeting purposes.
Property Information
Tax Calculation
Annual Property Tax
$3,000
How Property Tax is Calculated
Property tax is calculated using the following formula:
Property Tax = (Home Value × Assessment Ratio - Exemptions) × Tax Rate - Home Value: The market value of your property
- Assessment Ratio: The percentage of market value used for taxation (varies by location)
- Exemptions: Deductions available (homestead, senior, veteran, etc.)
- Tax Rate: The millage rate set by local authorities
Example Calculation
For a home valued at $300,000 with a 1.2% tax rate, 100% assessment ratio, and $50,000 homestead exemption:
Assessed Value: $300,000 × 100% = $300,000
Taxable Value: $300,000 - $50,000 = $250,000
Annual Tax: $250,000 × 1.2% = $3,000
Monthly Tax: $3,000 ÷ 12 = $250
Frequently Asked Questions
How often are property taxes paid?
Property taxes are typically paid annually, but many homeowners pay them monthly through their mortgage escrow account.
Can property taxes change?
Yes, property taxes can change due to reassessments, changes in tax rates, or modifications to exemptions.
What exemptions are available?
Common exemptions include homestead exemptions, senior citizen exemptions, veteran exemptions, and disability exemptions. Availability varies by location.
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