Property tax is set locally, so rates vary by county and school district. Enter your home’s assessed value and the local rate to estimate your annual and monthly bill.
How property tax is calculated
- Assessed value × tax rate = annual property tax.
- Rates are often quoted as a percent of value, or as mills ($1 per $1,000 of value).
- Many places subtract exemptions such as a homestead exemption before applying the rate.
- Assessed value can be lower than market value.
Is there a state with no property tax?
No state eliminates property tax. Every state allows local governments to levy it, though effective rates differ widely, and some states cap yearly increases in assessed value. Your county assessor’s website lists your exact rate.
Is property tax deductible?
If you itemize, state and local taxes including property tax are deductible up to the SALT cap. The cap is $40,400 in 2026 for most filers, phasing down for incomes above $505,000.