Property Tax Calculator
Estimate your annual property tax and monthly escrow payment based on assessed value and rate.
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Frequently Asked Questions
How is property tax calculated?
Property tax = Assessed Value × Tax Rate. The assessed value is often a percentage of market value (the assessment ratio). A $350,000 home assessed at 100% with a 1.2% rate pays $4,200/year or $350/month in property tax escrow.
What is the average property tax rate in the US?
The average effective property tax rate in the US is about 1.1% of home value. Rates vary widely by state: New Jersey averages 2.4%, Illinois 2.2%, Texas 1.7%, California 0.7%, and Hawaii 0.3%. Local rates within a state also vary by county and municipality.
Can I appeal my property tax assessment?
Yes. If you believe your home is over-assessed you can appeal. Start by comparing your assessed value to recent sales of similar nearby homes. File an appeal with your local assessor's office — deadlines are typically 30-90 days after assessment notices. About 30-40% of appeals result in reductions.