Property Tax Estimator
Annual and monthly property tax from assessed value, mill rate, and optional homestead exemption.
Example
You enter
- Assessed value ($) 400000
- Mill rate (mills; 1 mill = $1 per $1000) 15
- Homestead / senior exemption ($, optional) 25000
You get
- Annual property tax $5625
- Monthly accrual (for escrow) $468.75
Checked against published worked examples from: Standard mill-rate convention.
Details, formula, and sources
ScopeEffective-rate cross-check.
Formula or tableannual_tax = max(0, assessed_value - homestead_exemption) * mill_rate / 1000. monthly_accrual = annual_tax / 12. effective_rate_percent = annual_tax / assessed_value * 100.
Source and editionStandard mill-rate convention. 1 mill = $1 of tax per $1,000 of assessed value.
Free accessPublic reference; mill rate and assessed value are published by the local taxing authority / assessor.
What governsEstimate. Lender governs final underwriting and rate / fee disclosure. Appraiser governs the appraised value. State law and the agency's program guidelines may impose stricter limits than the published thresholds.
API field namesassessed_value, mill_rate, homestead_exemption, annual_tax, monthly_tax
- Mill definition $1 of tax per $1,000 of assessed valueuniversal
- Exemption applies before the mill rate; senior / veteran / homestead exemptions vary by jurisdictionconvention; some jurisdictions apply credit after tax