A mill rate (or millage rate) is the amount of tax charged per $1,000 of assessed property value. For example, a mill rate of 15 means you pay $15 in tax for every $1,000 of assessed value. Most U.S. jurisdictions publish mill rates annually.

What is the difference between assessed value and market value?

Market value is what a buyer would pay for the property. Assessed value is set by the local assessor — often a fixed percentage of market value (called the assessment ratio) — and is the figure used to calculate your tax. They can differ significantly by jurisdiction.

What is a homestead exemption?

A homestead exemption reduces the taxable value of a primary residence. For example, if your state offers a $50,000 homestead exemption and your assessed value is $300,000, you are taxed on only $250,000. The amount and eligibility rules vary by state and county.

How accurate is this estimate?

The calculation is mathematically precise given the inputs you provide. However, actual bills may include additional special assessments, fees, or levies not captured by the mill rate alone. Always verify with your county assessor for an official figure.

Can I use this for commercial property?

Yes. The mill rate formula applies to commercial, industrial, and residential property alike. Commercial properties often have a higher assessment ratio or a separate mill rate, so use the figures specific to your property class.

Property Tax Calculator

Name: Property Tax Calculator
Availability: InStock
Author: Nham Vu

Enter your assessed property value and local mill rate to estimate your annual property tax, with optional exemptions.

Property Details

Assessed Property Value

Check your county assessor's notice for this figure.

Mill Rate (mills)

1 mill = $1 per $1,000 of taxable value. Typical range: 5–50 mills.

Exemptions (optional)

Homestead Exemption

Other Exemptions (senior, veteran, disability, etc.)

Enter your property details to see an estimate.

Summary

Enter your assessed property value and local mill rate to estimate your annual property tax, with optional exemptions.

How it works

Enter the assessed value of your property (often different from market value).
Enter your local mill rate — check your county assessor's website for the current rate.
Optionally enter any exemption amounts (e.g., homestead, senior, veteran exemptions).
The calculator subtracts exemptions from the assessed value to get taxable value.
Annual tax = (Taxable Value ÷ 1,000) × Mill Rate.
Monthly and daily breakdowns are shown for budgeting purposes.

Use cases

Estimate property taxes before buying a home.
Budget monthly escrow payments for your mortgage.
Compare tax burden across municipalities with different mill rates.
Calculate savings from homestead or senior exemptions.
Understand how an assessment increase will affect your tax bill.
Verify your tax bill matches your county's published mill rate.

Frequently Asked Questions

Last updated: 2026-06-11 · Reviewed by Nham Vu