Property Tax Calculator - Estimate Your Real Estate & Vehicle Taxes
Property Tax Calculator
($)
per year
Years Months
(%) per year
Calculation Results
Monthly Property Taxes
Annual Property Taxes
Total Property Taxes
Tax Rate
Breakdown Table
| Month | Assessed Property Value | Property Tax |
|---|
| Year | Assessed Property Value | Property Tax |
|---|
What Is the Formula for Calculating Property Tax?
Property tax is calculated using a straightforward formula based on the assessed value of your property and the applicable tax rate:
Annual Property Tax = Property Value × Tax Rate Monthly Property Tax = Annual Property Tax / 12
When accounting for annual property value increases, the formula becomes:
Property Value for Year N = Initial Value × (1 + Annual Increase Rate)N-1 Annual Tax for Year N = Property ValueN × Tax Rate
Example 1: Using Percentage Rate
Property Value: $400,000
Tax Rate: 1.2%
Calculation: $400,000 × 1.2% = $400,000 × 0.012 = $4,800/year
Monthly Tax: $4,800 ÷ 12 = $400/month
Example 2: With Annual Value Increase
Initial Property Value: $400,000
Tax Rate: 1.2%
Annual Value Increase: 3%
Year 1: $400,000 × 1.2% = $4,800
Year 2: $412,000 × 1.2% = $4,944
Year 3: $424,360 × 1.2% = $5,092
If the Assessed Property Value Is $300,000 and the Tax Rate Is 1.2%, How Much Is the Annual Property Tax?
The annual property tax would be $3,600 ($300,000 × 1.2% = $3,600), or $300 per month.
| Tax Rate | Monthly Property Tax | Annual Property Taxes |
|---|---|---|
| 0.5% | $125.00 | $1,500.00 |
| 0.55% | $137.50 | $1,650.00 |
| 0.6% | $150.00 | $1,800.00 |
| 0.65% | $162.50 | $1,950.00 |
| 0.7% | $175.00 | $2,100.00 |
| 0.75% | $187.50 | $2,250.00 |
| 0.8% | $200.00 | $2,400.00 |
| 0.85% | $212.50 | $2,550.00 |
| 0.9% | $225.00 | $2,700.00 |
| 0.95% | $237.50 | $2,850.00 |
| 1.0% | $250.00 | $3,000.00 |
| 1.1% | $275.00 | $3,300.00 |
| 1.2% | $300.00 | $3,600.00 |
| 1.3% | $325.00 | $3,900.00 |
| 1.4% | $350.00 | $4,200.00 |
| 1.5% | $375.00 | $4,500.00 |
| 1.6% | $400.00 | $4,800.00 |
| 1.7% | $425.00 | $5,100.00 |
| 1.8% | $450.00 | $5,400.00 |
| 1.9% | $475.00 | $5,700.00 |
| 2.0% | $500.00 | $6,000.00 |
| 2.1% | $525.00 | $6,300.00 |
Reference
Government Resources
- IRS - Deductible Taxes (Topic 503) - Official IRS guidance on property tax deductions
- USA.gov - Property Taxes - Federal government information on property taxes
- Tax Policy Center - Local Government Revenue Sources - Analysis of property tax systems
- U.S. Census Bureau - Quarterly Tax Data - State and local tax statistics
- Bureau of Labor Statistics - Consumer Price Index - Inflation data relevant to property value increases
- U.S. Government Accountability Office - Property Tax Oversight - Reports on property tax administration
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