| Assessed Value (after ratio) | $— |
| Effective Tax Rate Applied | 0.00% |
| Annual Property Tax | $— |
| Monthly Property Tax | $— |
| Bi-Annual Payment (approx) | $— |
📍 Average Effective Property Tax Rates – US Metro Areas (2024–25)
| Metro Area | Effective Rate | Annual Tax on $400k Home | Monthly |
|---|---|---|---|
| United States (avg) | 0.88% | $3,520 | $293 |
| New York, NY | 1.90% | $7,600 | $633 |
| Chicago, IL | 1.97% | $7,880 | $657 |
| Dallas, TX | 1.49% | $5,960 | $497 |
| Los Angeles, CA | 0.69% | $2,760 | $230 |
| Miami, FL | 1.12% | $4,480 | $373 |
| Atlanta, GA | 0.88% | $3,520 | $293 |
| Washington, DC | 0.87% | $3,480 | $290 |
Source: Public tax records, Zillow research (2025). Rates vary by county.
📖 How Property Taxes Work in the US
Property taxes (ad valorem taxes) are levied by local governments — counties, cities, school districts — based on the value of real estate. The revenue funds public services: schools, police, fire departments, infrastructure, and libraries. Your tax bill is calculated by multiplying your property's assessed value by the local mill levy (tax rate). This calculator estimates the annual amount based on home value and the effective tax rate you provide.
🔍 Key Concepts
• Assessment Ratio: Some states tax only a fraction of market value (e.g., 35% in Wyoming). If your assessment ratio is less than 100%, the taxable value is market value × (ratio/100).
• Mill Levy / Mill Rate: 1 mill = $1 per $1,000 of assessed value. A 10-mill rate = 1% tax. Our calculator uses percentage rate.
• Exemptions: Homestead exemptions reduce taxable value for primary residences. Seniors, veterans, and disabled persons may qualify for additional reductions.
• Effective Tax Rate: The actual percentage you pay after exemptions and assessment ratios. Often lower than the nominal mill rate.
🧮 How to Use This Calculator
1️⃣ Enter your property's market value (or purchase price).
2️⃣ Input your local effective property tax rate — you can search for "effective property tax rate [county name]" or use a nearby metro rate from the table above.
3️⃣ Adjust the assessment ratio if your state taxes a percentage of market value (most states use 100%).
4️⃣ Click "Update" to see your estimated annual, monthly, and bi-annual tax amounts.
Note: This does not include special assessments or voter-approved levies. For exact figures, check your latest tax statement or contact the county assessor.
✅ Example
A home in Chicago, IL worth $350,000 with an effective rate of 1.97% (assessment ratio 100%):
Assessed value = $350,000; Annual tax = $350,000 × 0.0197 = $6,895. Monthly ~ $575. With a homestead exemption, taxable value could be lower.
⚠️ Important
Property tax rates change annually. Many areas reassess property values every 1–5 years. If you believe your assessment is too high, you can file an appeal with the local tax board. This tool provides estimates for planning purposes — always consult official tax documents or a tax professional.