Property Tax Calculator
Calculate property tax on your home or real estate. Property taxes fund local schools, roads, and services, with rates varying significantly by location.
Property Tax Formula
``
Annual Property Tax = Assessed Value × Tax Rate (mills)
`
Property Tax by State (Effective Rates)
| State | Rate | Tax on $300k Home |
|---|---|---|
| New Jersey | 2.23% | $6,690 |
| Illinois | 2.08% | $6,240 |
| Texas | 1.60% | $4,800 |
| California | 0.71% | $2,130 |
| Hawaii | 0.27% | $810 |
Property Tax Calculator
`javascript
function calculatePropertyTax(assessedValue, taxRate, exemptions = 0) {
// Tax rate often expressed in mills (1 mill = 0.1%)
const effectiveRate = taxRate / 100;
const taxableValue = Math.max(0, assessedValue - exemptions);
const annualTax = taxableValue * effectiveRate;
return {
assessedValue,
exemptions,
taxableValue,
annualTax: annualTax.toFixed(2),
monthlyTax: (annualTax / 12).toFixed(2)
};
}
``
Common Exemptions
| Exemption Type | Reduces Taxable Value |
|---|---|
| Homestead | $25,000-$50,000 |
| Senior citizen | Varies by state |
| Veteran | Varies by state |
| Disability | Varies by state |
Property Tax Considerations
- Rates vary by county and city
- Assessed value ≠ market value in most states
- Challenge assessments if overvalued
- Taxes are deductible (up to $10k SALT cap)