Property Tax Calculator — assessment × your local rate

How it works

Two published steps, straight from a state tax authority's explainer. The taxable assessment: assessed value minus exemptions — NY DTF's definition verbatim, with exemptions (homestead, senior, veteran, and similar) created and administered locally. The tax: taxable assessment × rate per thousand, i.e. divide the taxable figure by 1,000 and multiply by the rate on your bill. Rates themselves are calculated by local jurisdictions — each divides its tax levy by the total taxable assessed value within it — so this page asks for YOUR rate rather than asserting anyone's: read it off the bill or the assessor's site. The monthly output is the escrow view (a twelfth of the annual), and the effective rate divides the tax by the full assessed value, which is how an exemption's benefit shows up as a rate.

Worked example

The example is the state authority's own resolved case, and it is this page's first preset: a property with a $150,000 taxable assessment in a town whose rate works out to $50 per $1,000 of taxable assessed value owes 150 × 50 = $7,500 (NY DTF). On the default inputs — a $300,000 assessment, no exemptions, at 15 per $1,000 — the same two steps give $4,500 a year, $375 a month into escrow: this calculator's arithmetic on your entered figures, with the mechanism and the $7,500 case as the published values.

Frequently asked questions

How is property tax calculated?

Taxable assessment times the local rate: your assessed value minus any exemptions, divided by 1,000, times the rate per $1,000 — the formula a state tax authority publishes and this page applies. Every input comes off your own assessment notice and tax bill.

Why do I enter the rate instead of picking my state?

Because the rate is not a state figure: local jurisdictions — counties, towns, school districts, special districts — each set levies, and your bill stacks them. Any state-level number would misstate almost every address, so this page computes from the rate your bill actually shows.

What is the difference between market value and assessed value?

The assessor determines the assessed value, which may be a percentage of market value depending on the locality's assessment ratio. The tax applies to the assessment, not your purchase price — which is why appealing an assessment can lower the tax without the market moving.

How do exemptions work?

Local governments grant reductions in taxable value for qualifying groups — homestead, seniors, veterans, people with disabilities, and others, varying by area. The exemption comes off before the rate applies: $50,000 off a $300,000 assessment at 15 per $1,000 saves $750 a year.

What is a mill rate?

Another way of quoting the same convention: one mill is $1 of tax per $1,000 of assessed value, so a rate of 15 per $1,000 is 15 mills. If your bill quotes a percentage instead, multiply it by 10 to get the per-$1,000 figure.

Why does my monthly mortgage payment include property tax?

Lenders commonly collect a twelfth of the annual tax each month into escrow and pay the bill for you — property taxes are among the prepaid expenses CFPB lists at closing. The monthly output here is that escrow line for your figures.

How accurate is this, and what does it exclude?

The arithmetic is the published mechanism applied exactly; accuracy depends on entering your actual assessment, exemptions, and rate. It excludes assessment ratios you haven't applied, mid-year rate changes, special assessments and direct charges, and every locality's appeal rules. Your assessor's notice and tax bill are the authoritative figures.