Property Tax Calculator 2025: 97% of Homeowners Get This Property Tax Calculation Wrong (Are You One?) – Calculate Now
Expert Property Tax Calculator 2025
Accurately estimate your property taxes with our comprehensive calculator. Understand key terms, exemptions, and how property taxes are calculated in your area.
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Your Property Tax Results
Tax Breakdown
This visualization shows your property tax as a percentage of your home’s value.
Key Terms You Should Know
The estimated amount that your home could sell for under normal conditions. It is often based on recent sales of similar properties and is the starting point for calculating your property tax.
The percentage of your property’s market value that is subject to taxation. The rate can vary by state and property type.
The taxable value of your property and your tax bill is based on this figure. To calculate it, multiply the market value by the assessment rate.
The amount of tax that you pay for every $1,000 of assessed value. So one mill equals $0.001. For example, a mill rate of 2% means that you pay $20 for every $1,000 of assessed value.
Reductions in taxable value for certain groups, such as seniors, veterans, people with disabilities or low-income homeowners. They help lower your total tax bill.
Unlike exemptions, which reduce taxable value, credits reduce the final amount of tax owed. Not all areas offer credits, so availability varies by location.
Property Tax Examples
Here are three examples using our property tax calculator to show how property taxes vary by state:
Example 1: Illinois
Home Value: $350,000
Tax Rate: 2.11%
Annual Tax: $7,385
Illinois has one of the highest effective property tax rates in the U.S.
Example 2: California
Home Value: $500,000
Tax Rate: 0.71%
Annual Tax: $3,550
California’s state effective property tax rate is relatively low.
Example 3: Texas
Home Value: $270,000
Tax Rate: 1.63%
Annual Tax: $4,401
Texas has another high average effective property tax rate.
Property Taxes By State
Overall, homeowners pay the most property taxes in New Jersey, which has some of the highest effective tax rates in the country. The state’s average effective rate is 2.33% of a home’s value, compared to the national average of 0.90%.
| State | Median Home Value | Median Real Estate Taxes Paid | Effective Property Tax Rate |
|---|---|---|---|
| New Jersey | $401,400 | $9,345 | 2.33% |
| Illinois | $239,100 | $5,055 | 2.11% |
| Connecticut | $323,700 | $6,484 | 2.00% |
| Hawaii | $764,800 | $2,054 | 0.27% |
With an average effective rate of 0.27%, the least expensive state for property taxes is Hawaii. Despite its reputation as a costly place to live, Hawaii has generous homeowners exemptions for primary residents that lower taxable values considerably.
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