CalculateY
Quick Answer
A property assessed at $350,000 with a mill rate of 18.5 and a $25,000 homestead exemption has an estimated annual property tax of approximately $6,013, or approximately $501 per month.
The value assigned by your local tax assessor, not necessarily the market price
Found on your tax bill or local assessor's website. 1 mill = $1 per $1,000 of value
Homestead, senior, veteran, or other exemptions that reduce taxable value
Common Examples
| Input | Result |
|---|---|
| $250,000 assessed value, 15 mill rate, $0 exemptions | Estimated $3,750/year (approximately $313/month) |
| $350,000 assessed value, 18.5 mill rate, $25,000 exemption | Estimated $6,013/year (approximately $501/month) |
| $500,000 assessed value, 22 mill rate, $50,000 exemption | Estimated $9,900/year (approximately $825/month) |
| $200,000 assessed value, 12 mill rate, $0 exemptions | Estimated $2,400/year (approximately $200/month) |
| $400,000 assessed value, 25 mill rate, $30,000 exemption | Estimated $9,250/year (approximately $771/month) |
How It Works
This calculator uses the standard mill rate formula that local governments apply to calculate property taxes:
Annual Property Tax = (Assessed Value - Exemptions) x Mill Rate / 1,000
Where:
- Assessed Value = the value assigned to the property by the local tax assessor. This may differ from the market value or purchase price. Some jurisdictions assess at a percentage of market value.
- Exemptions = reductions to the assessed value, such as homestead exemptions, senior exemptions, veteran exemptions, or disability exemptions. These vary by state, county, and municipality.
- Mill Rate = the tax rate expressed as dollars per $1,000 of taxable value. A mill rate of 20 means $20 in tax for every $1,000 of taxable assessed value. Some jurisdictions express tax rates as a percentage instead; to convert, multiply the percentage rate by 10 (e.g., 1.85% = 18.5 mills).
Monthly Property Tax:
Monthly Tax = Annual Tax / 12
Many homeowners pay property tax monthly as part of their mortgage escrow payment.
Effective Tax Rate:
Effective Rate = (Annual Tax / Assessed Value) x 100
The effective rate shows the actual percentage of the total assessed value paid in taxes, which is lower than the mill-rate-based rate when exemptions are applied.
Worked Example
For a property assessed at $350,000 with a mill rate of 18.5 and a $25,000 homestead exemption: Taxable value = $350,000 - $25,000 = $325,000. Annual tax = $325,000 x 18.5 / 1,000 = $6,012.50. Monthly tax = $6,012.50 / 12 = approximately $501. Effective rate = $6,012.50 / $350,000 x 100 = approximately 1.718%.