How to use the property tax calculator
Korea layers a national holding tax on top of the local one, so owners of expensive homes get a second bill from the tax office in December. The United States has no such national levy. Property tax here is purely local, assessed by counties, municipalities and school districts, which is why two houses of identical value in neighboring towns can carry very different bills.
The chain is short. Market value times the assessment ratio gives assessed value, exemptions come off that, and the remainder is multiplied by the mill rate. One mill is one dollar of tax per thousand dollars of taxable value, so the calculator divides by 1,000 before applying the rate. Combine every taxing district into the single mill rate field.
Assessment ratios range from full market value in some states to a small fraction in others, and homestead exemptions, senior freezes and assessment caps change the taxable base further. Figures here are a September 2026 reference and every field is editable so you can match your own notice.
This tool is for general reference. Your actual bill depends on local exemptions, reassessment cycles, appeals and any special assessments. Check with your county assessor or a tax professional before relying on the number.
Frequently asked questions
No. Property tax is levied by counties, cities and school districts, and there is no federal tax on simply owning real estate. Rates and assessment practices differ from one jurisdiction to the next.
One mill is one dollar of tax per one thousand dollars of taxable value. A 20 mill rate on a taxable value of 250,000 dollars produces a 5,000 dollar bill, which is the same as a 2 percent effective rate.
Many states subtract a fixed amount from the assessed value of an owner-occupied home before the rate is applied. Amounts, eligibility and application deadlines are set by state and county, so check with your assessor.