Free Property Tax Lookup
Free Property Tax Calculator
Are you curious about whether you are overpaying on property tax? Property taxes are a crucial aspect of owning real estate, and a property tax calculator can help steer you in the right direction when investing in a particular property and give you an idea if your taxes are correct.
The local government levies annual taxes on homeowners to fund regional services such as schools, fire, police, water, sewer, road maintenance, and government salaries. In many cases, property taxes are the primary source of local funding. The federal government does not collect property taxes; they are entirely the responsibility of local government agencies.
Anyone who owns property must pay annual taxes. These taxes will increase over time as the property appreciates. Each county uses assessments or appraisals to calculate property tax and determine the property’s value. Taxes can vary widely even within states and between neighboring counties/cities.
How is Property Tax Calculated?
County tax assessors use three main assessment methods when calculating property tax: sales, cost, and income.
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Sales Method
The tax official compares the target property with other recent similar sales in the local area. This provides a value base to adjust and determine the assessed value.
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Cost Method
Using this method, the tax assessor considers how much it would cost to replace the property and uses that as the value for tax basis. It considers depreciation along with the cost of labor and materials.
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Income Method
Used most often with commercial properties, the income method determines value by how much revenue the property can generate. It considers insurance, taxes, maintenance, and management costs.
Annually, the county or city prepares a budget for the upcoming year. Once they determine the financial needs of the area, they assess a tax rate (percentage) on every real estate owner to pay a portion of what is needed to fund the local expenses.
Typically, property taxes are assessed annually, and twice a year, the local county tax collector sends out bills to homeowners. Property owners must pay 50% with each bill. If they fail to pay their property tax, the county could put a lien on the property and foreclose. Most counties allow homeowners to pay online, by check, through their mortgage escrow, and sometimes through ACH.
Residential and commercial owners pay property taxes and are charged the same tax rate regardless of income. This is called a “regressive tax”. The tax rate is based on the property’s value (both land and buildings), and the rate is multiplied by the current value to get the tax owed. Some counties use fair market value (FMV) to determine tax, while others use an assessed value.
You might be wondering how property tax is calculated? Let’s dive in and explore that question.
Depending on the state, the local government may appoint a county tax assessor or other tax official to conduct annual or bi-annual assessments. These assessors use one of three methods to determine the value of every property within their jurisdiction (sales, cost, or income method). Some counties use appraisers and fair market value, relying on recent sales in the area.
Once each property has been valued, the assessor then calculates each individual property owner’s tax using the current tax rate.
Example Property Tax Calculations
The rough formula is as follows.
Annual Property Tax = Property Value * (Property Tax Rate % /100).
A $500,000 house in Suffolk County, Massachusetts, with a property tax rate of .66%, would have property taxes due of $3,300.
Another way to calculate property tax is to take the property value and divide it by 1,000. Then, multiply the county tax rate by the remaining number, and you will have the taxes due for that year. For example, someone living in Rockingham County, NH, with a property valued at $300,000 and an effective tax rate of 1.84%, would pay $4,400 yearly in taxes.
Remember that exemptions, discounts, and other adjustments would also apply. Tax exemptions usually reduce the value of the property, thus lowering the tax rate. For example, if you had a Homestead Deduction, the value of your property may be reduced by $10,000, and therefore, your taxes would go down accordingly. A reliable property tax calculator can perform all these calculations for you easily without having to do any of the math yourself. A property tax calculator by zip code makes it easy to determine your taxes within seconds by entering your zip code and home’s value.
General Step-by-Step Process for Calculating Property Taxes in the USA
To calculate property tax, counties use a few steps outlined below.
01
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Determine the Taxable Assessed Value
The county tax assessor uses one of the approved methods to determine the value of each property within its boundaries. If the property owner qualifies for any discounts or exemptions, they are subtracted from the value. Example:
02
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Local Government Sets the County Tax Rate
The local county tax commission sets the tax rate (also known as the Mill Rate). A 1.2% mill rate is equivalent to 12 mills.
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Convert the Mill Rate to a Decimal
Convert the mill rate to a decimal before calculating the tax rate. Example:
04
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Calculate Property Tax
Multiply the taxable assessed value by the mill rate to get the annual property tax amount. Example:
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Send out Tax Bills
The county tax assessor or local town clerk sends out tax bills to every property owner to their address on file. The bill will include a strict due date.
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Collection
Property owners can send their payment by mail, pay it in person, and sometimes online using the county website. The county will send a reminder and late fee notice if a payment is not received on time. If the taxes remain unpaid, the county will place a lien on the property until they are paid, or if they go unpaid for a specific amount of time, they may foreclose and sell the property at auction to pay the taxes.
The specific details of your taxes will vary from state to state and between counties due to differences in: Assessment Methods, Tax Rates / Millage, Exemptions, Additional Levies, etc.
An annual property tax calculator or investment property tax calculator can do all this work for you within seconds.
Compare Property Taxes Rates by States
Using the table and map below, you can see how widely tax rates vary within the country and compare your property tax rates with those of other states. The data below comes from ATTOM Data Solutions for the tax year 2023.
| State | Effective Tax Rate | Average Home Value | Average Tax on Average Value Home | Average Tax on Median Value U.S. Home ($420,321*) |
|---|---|---|---|---|
| Alabama | 0.42% | $265,811 | $1,101 | $1,765 |
| Alaska | 0.95% | $416,174 | $3,947 | $3,993 |
| Arizona | 0.41% | $551,976 | $2,288 | $1,723 |
| Arkansas | 0.54% | $238,745 | $1,296 | $2,269 |
| California | 0.70% | $978,808 | $6,833 | $2,942 |
| Colorado | 0.48% | $711,438 | $3,384 | $2,017 |
| Connecticut | 1.54% | $522,453 | $8,022 | $6,472 |
| Delaware | 0.43% | $451,390 | $1,939 | $1,807 |
| District of Columbia | 0.69% | $1,050,555 | $7,237 | $2,900 |
| Florida | 0.76% | $589,518 | $4,476 | $3,194 |
| Georgia | 0.82% | $378,575 | $3,118 | $3,446 |
| Hawaii | 0.31% | $1,170,734 | $3,685 | $1,302 |
| Idaho | 0.44% | $559,739 | $2,479 | $1,849 |
| Illinois | 1.88% | $298,054 | $5,600 | $7,902 |
| Indiana | 0.86% | $261,970 | $2,241 | $3,614 |
| Iowa | 1.25% | $243,561 | $3,038 | $5,254 |
| Kansas | 1.26% | $274,933 | $3,463 | $5,296 |
| Kentucky | 0.76% | $208,894 | $1,595 | $3,194 |
| Louisiana | 0.62% | $229,885 | $1,418 | $2,605 |
| Maine | 0.82% | $467, 049 | $3,822 | $3,446 |
| Maryland | 0.81% | $541,260 | $4,374 | $3,404 |
| Massachusetts | 0.98% | $753,232 | $7,414 | $4,119 |
| Michigan | 1.04% | $284,388 | $2,961 | $4,371 |
| Minnesota | 0.98% | $382,468 | $3,737 | $4,119 |
| Mississippi | 0.62% | $220,983 | $1,367 | $2,605 |
| Missouri | 0.85% | $282,869 | $2,397 | $3,572 |
| Montana | 0.85% | $406,987 | $3,749 | $3,572 |
| Nebraska | 1.46% | $286,840 | $4,183 | $6136 |
| Nevada | 0.48% | $559,185 | $2,660 | $2,017 |
| New Hampshire | 1.25% | $572,515 | $7,172 | $5,254 |
| New Jersey | 1.64% | $577,821 | $9,488 | $6,893 |
| New Mexico | 0.62% | $350,893 | $2,190 | $2,605 |
| New York | 1.46% | $543,086 | $7,936 | $6,136 |
| North Carolina | 0.60% | $402,529 | $2,421 | $2,521 |
| North Dakota | 0.99% | $295,954 | $2,933 | $4,161 |
| Ohio | 1.37% | $258,000 | $3,539 | $5,758 |
| Oklahoma | 0.90% | $209,814 | $1,884 | $3,782 |
| Oregon | 0.83% | $554,499 | $4,613 | $3,488 |
| Pennsylvania | 1.33% | $315,163 | $4,187 | $5,590 |
| Rhode Island | 1.01% | $593,398 | $5,987 | $4,245 |
| South Carolina | 0.50% | $373,727 | $1,884 | $2,101 |
| South Dakota | 1.01% | $337,351 | $3,408 | $4,245 |
| Tennessee | 0.44% | $385,527 | $1,695 | $1,849 |
| Texas | 1.20% | $372,229 | $4,464 | $5,043 |
| Utah | 0.45% | $674,594 | $3,011 | $1,891 |
| Vermont | 1.29% | $483,169 | $6,225 | $5,422 |
| Virginia | 0.76% | $468,727 | $3,565 | $3,194 |
| Washington | 0.80% | $706,525 | $5,640 | $3,362 |
| West Virginia | 0.49% | $202,812 | $989 | $2,059 |
| Wisconsin | 1.12% | $334,682 | $3,760 | $4,707 |
| Wyoming | 0.53% | $551,530 | $2,930 | $2,227 |
States Property Taxes Calculator
Instead of wasting time figuring out how to calculate property tax on your own, you can use PropertyChecker’s States Property Tax Calculator to quickly estimate property taxes based on your state and property details.
Because this powerful tool is localized by state, and tax rates vary by location, homeowners, investors, and buyers can use it to look for accurate tax information specific to your area.
Type in your location and estimated property value and find out within seconds what the tax rate in your area is and the annual and monthly estimated taxes for your specific property.
Frequently Asked Questions
What is a property tax calculator?
A property tax calculator is a tool that automatically calculates property taxes based on location and property value. It saves time and gives you an accurate view of your annual taxes.
How do I find my property tax rate?
You can use an investment property tax calculator or annual property tax calculator to quickly and easily find your property tax rate. You could also contact your local government office or check online to find your tax rate.
How often are property taxes collected?
It depends on the state, but most counties collect taxes twice yearly (50%) for a total annual payment.
How to calculate estimated property tax?
If you are wondering how property tax is calculated, the answer is: You must find out the assessed value of your property and then multiply that by the tax rate (divided by 100). Be sure to subtract any exemptions from the value before multiplying.
Is property tax paid annually in the USA?
Yes, property taxes are paid annually in the U.S., usually split into two payments spread six months apart.
What is the property tax rate in the United States?
The median tax rate across the U.S. is 1.49%. However, that rate varies widely nationwide and even within a state.
What is the formula to calculate the amount of property tax?
The formula to calculate the amount of property tax you owe each year is: (Assessed Taxable Value - Exemptions/Deductions) * Tax Rate (divided by 100) = Property Tax Rate.
What is the taxable value when calculating property tax?
The taxable value is the property’s value minus any deductions, exemptions, or special discounts. The final figure is your taxable value, multiplied by the tax rate, to get your annual property taxes.
Where does PropertyChecker’s property tax rate data come from?
PropertyChecker’s property tax calculator data comes directly from local government sources like counties, tax assessors, tax collectors, and other government offices.