A mill rate (or millage rate) is property tax expressed in mills — $1 of tax per $1,000 of assessed value. A mill rate of 12 means $12 per $1,000, or 1.2%. To convert: mill rate ÷ 1,000 = tax rate percentage ÷ 100.

Which US states have the highest property taxes?

States with the highest effective property tax rates: New Jersey (~2.2%), Illinois (~2.1%), Connecticut (~2.0%), New Hampshire (~1.9%), Vermont (~1.8%). States with the lowest: Hawaii (~0.3%), Alabama (~0.4%), Louisiana (~0.5%), Colorado (~0.5%), South Carolina (~0.5%).

What is the difference between market value and assessed value?

Market value is what your home would sell for. Assessed value is set by the local tax assessor — often 70–100% of market value depending on the jurisdiction. Some areas assess at a fixed fraction (e.g., 60% of market value). Your property tax is based on assessed value, not selling price.

Can I appeal my property tax assessment?

Yes. If you believe your assessment is too high, you can file an appeal with your local assessor's office — usually within 30–90 days of receiving your assessment notice. Provide comparable sales data (similar homes that sold recently for less) to support your case. Many homeowners successfully reduce their tax bill this way.

Property Tax Calculator – Estimate Annual Property Tax

Home Market Value ($)

Assessment Ratio (%) Percentage of market value used for tax purposes. Many areas use 100%; some use 60–80%.

Property Tax Rate

Exemptions / Deductions ($) Homestead, senior, veteran, or other exemptions that reduce assessed value.

Property Tax FAQ

Common questions about how property taxes work.

How is property tax calculated?

Property tax = Assessed value × Tax rate. Assessed value is the local assessor's valuation (often 60–100% of market value). Tax rate is set by your county, city, and school district. Example: $300,000 home, 80% assessment ratio → $240,000 assessed × 1.2% rate = $2,880/year.

What is a mill rate?

A mill equals $1 of tax per $1,000 of assessed value. Mill rate 15 means $15 per $1,000 = 1.5%. To convert a mill rate to a percentage rate, divide by 10. To convert to a decimal, divide by 1,000. Enter your mill rate directly in the calculator above by selecting "Mill Rate" from the dropdown.

Which states have the highest property taxes?

Highest effective rates: New Jersey (~2.2%), Illinois (~2.1%), Connecticut (~2.0%), New Hampshire (~1.9%). Lowest: Hawaii (~0.3%), Alabama (~0.4%), Louisiana (~0.5%), Colorado (~0.5%). Note: low-tax states may have higher income or sales taxes to compensate.

What exemptions can reduce my property tax?

Common exemptions that reduce assessed value: Homestead (primary residence — $10,000–$50,000 off in many states), Senior citizen, Veterans/disabled veteran, Agricultural use. Many homeowners miss out on exemptions they qualify for — check with your county assessor's office to apply.

Can I appeal my property tax bill?

Yes. File an appeal with your local assessor's office, typically within 30–90 days of receiving your notice. Provide comparable home sale prices (comps) to argue the assessed value is too high. Studies show 30–60% of successful appeals result in a lower tax bill. The process is usually free or low-cost.

Is property tax deductible on federal taxes?

Yes — state and local property taxes are deductible if you itemize deductions on your federal return. However, the Tax Cuts and Jobs Act (2017) capped the combined state and local tax (SALT) deduction at $10,000 per year ($5,000 if married filing separately). If your total property + state income taxes exceed $10,000, you only deduct $10,000.