Annual Property Tax
$6,720
Monthly
$560
Effective Rate
1.68%
Property tax = Assessed Value × Tax Rate. Assessed value may differ from market value based on your area's assessment ratio. Tax rates vary by county/municipality.
Highest: New Jersey (2.23%), Illinois (2.08%), New Hampshire (1.93%). Lowest: Hawaii (0.31%), Alabama (0.39%), Colorado (0.51%). Rates vary significantly within states.
Assessment ratio is the percentage of market value used for tax calculation. Some areas assess at 100%, others at 50% or less. A lower ratio means lower taxes.
Yes! If your assessed value seems too high, you can appeal. Gather evidence of comparable sales, get an appraisal, and follow your county's appeal process. Deadlines are strict.
Yes, if you itemize deductions. The SALT (State and Local Tax) deduction limit is $10,000 for property + state income taxes combined. This may limit the benefit in high-tax states.
Assessment values typically update every 1-5 years depending on location. Tax rates can change annually based on local budget needs. Your taxes may increase even without reassessment.
Inputs
Result
Annual tax = $350,000 x (1.68 / 100) = $5,880. Monthly = $5,880 / 12 = $490. Assessed value at 100% ratio = $350,000.
Inputs
Result
Annual tax = $500,000 x (2.23 / 100) = $11,150. Monthly = $11,150 / 12 = $929. New Jersey has the highest average property tax rate in the U.S. at 2.23%.
Annual Tax = Home Value x (Tax Rate / 100)Calculates the yearly property tax based on the home value and the applicable tax rate.
Where:
Home Value= Market value of the propertyTax Rate= Effective property tax rate (state average or custom), expressed as a percentageMonthly Tax = Annual Tax / 12Divides the annual property tax into monthly payments, useful for budgeting and escrow estimates.
Where:
Annual Tax= Total property tax owed for the yearAssessed Value = Home Value x (Assessment Ratio / 100)The assessed value used by local governments. Some jurisdictions assess at less than full market value.
Where:
Home Value= Fair market value of the propertyAssessment Ratio= Percentage of market value used for assessment (commonly 100%)Home tools
Last Updated: Feb 12, 2026
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