Precision Utility
Property Tax
Calculator
States
50
Nat'l Avg
1.07%
Estimate your annual property tax based on your home's value and state. Enter your property details below to see your estimated tax bill, monthly and daily costs, and how your state compares to the national average.
Property Details
Some states assess at less than market value
Annual Property Tax
$0
Monthly Tax
$0
Daily Tax
$0
State Rate
0.00%
Assessed Value
$0
How property tax is calculated
Property tax is determined by multiplying your home's assessed value by your local tax rate. The assessed value is typically based on market value, though many states apply an assessment ratio that reduces the taxable amount.
For example, if your home is worth $400,000 and your state assesses at 80% of market value, your assessed value is $320,000. If the effective tax rate is 1.5%, your annual property tax would be $4,800.
Tax rates vary significantly by state, county, and municipality. This calculator uses average effective rates by state to provide a general estimate. Your actual bill may differ based on local mill rates, exemptions, and special assessments.
Assessment ratio vs. market value
Your home's market value is what it would sell for on the open market. The assessed value is the figure your local tax assessor uses to calculate your tax bill. In many states, these are the same — but not always.
Some states assess at a fraction of market value. For example, South Carolina assesses owner-occupied homes at just 4% of market value, while Ohio assesses at 35%. If you know your state's assessment ratio, adjust the slider above for a more accurate estimate.
Assessments are typically updated every one to five years, depending on your jurisdiction. Between reassessments, your assessed value may lag behind actual market conditions.
The SALT deduction cap
If you itemize your federal tax return, you can deduct property taxes as part of the state and local tax (SALT) deduction. However, the Tax Cuts and Jobs Act (TCJA) limits the total SALT deduction to $10,000 per year ($5,000 if married filing separately).
This cap includes property taxes, state income or sales taxes, and local taxes combined. Homeowners in high-tax states like New Jersey, New York, and California are most affected by this cap.
If your property taxes alone exceed $10,000, you can still only deduct $10,000 total in SALT. This is an important consideration when evaluating the true cost of homeownership in high-tax areas.
Highest and lowest property tax states
Property tax rates vary dramatically across the United States. The states with the highest effective property tax rates include New Jersey (2.23%), Illinois (2.07%), New Hampshire (1.93%), Connecticut (1.79%), and Vermont (1.73%).
The lowest rates are found in Hawaii (0.27%), Alabama (0.39%), Colorado (0.51%), Nevada (0.53%), and Utah (0.57%). The national average effective rate is approximately 1.07%.
Keep in mind that a low tax rate does not always mean a low tax bill. States with high home values (like Hawaii and California) may have low rates but relatively high dollar amounts. Conversely, states with high rates may have lower median home values.
Frequently asked questions
How is property tax calculated?
Property tax equals your assessed value multiplied by the local tax rate. The assessed value may be the full market value or a percentage of it, depending on your state's assessment ratio. Local jurisdictions set the tax rate (mill rate) based on their budget needs.
What is the difference between assessed value and market value?
Market value is what your home would sell for. Assessed value is the taxable value determined by your local assessor. Some states assess at 100% of market value, while others use a lower ratio. South Carolina, for example, assesses owner-occupied homes at just 4%.
How do I appeal my property tax assessment?
Review your property card for errors, gather comparable sales data or an independent appraisal, and file a formal appeal with your local board of review before the deadline (typically 30-90 days after receiving your notice). Many homeowners successfully reduce their assessments this way.
What is a homestead exemption?
A homestead exemption reduces the taxable value of your primary residence. Eligibility varies by state — many offer exemptions for owner-occupants, seniors, veterans, and disabled individuals. Texas, for example, offers a $100,000 school district exemption.
Can I deduct property taxes on my federal return?
Yes, if you itemize. However, the SALT deduction is capped at $10,000 per year ($5,000 if married filing separately). This cap includes property taxes, state income taxes, and local taxes combined.
Which states have the highest and lowest property taxes?
New Jersey (2.23%), Illinois (2.07%), and New Hampshire (1.93%) have the highest effective rates. Hawaii (0.27%), Alabama (0.39%), and Colorado (0.51%) have the lowest. The national average is about 1.07%.