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Property Tax Calculator

Estimate your annual and monthly property tax bill using state-average effective rates, or enter your own county rate for a precise figure.

Rates verified 25 July 2026 against Tax Foundation

$

Used for the state-average effective rate.

Annual property tax$5,600.00
Monthly (escrow)$466.67
Effective rate1.60%

This uses the average effective rate for Texas — property tax is actually set by your county or municipality and can vary significantly within the state. Confirm the exact rate with your county assessor before budgeting.

How this calculator works

Property tax is calculated as your home's value multiplied by an effective tax rate — the percentage of market value billed annually, after accounting for your local assessment ratio:

Annual tax = home value × effective rate

This calculator defaults to your selected state's published average effective rate, then divides the annual figure by 12 to show the monthly amount lenders typically collect through an escrow account. Because property tax is actually set at the county or municipal level, not statewide, you can switch on "I know my exact county rate" to override the state average with a specific rate from your assessor's office, tax bill, or real estate listing.

Worked example

A $350,000 home in Texas, at the state's average effective rate of 1.6%, works out to an annual property tax bill of $5,600 — about $466.67 a month if collected through escrow. The same $300,000 valuation in Illinois, which has one of the highest state-average effective rates in the country at 2.08%, would instead owe $6,240 a year, or $520 a month — despite the home being worth $50,000 less. That gap illustrates just how much location alone can swing your property tax bill, independent of the home's actual value.

What affects your result

  • State — average effective rates span roughly 0.27% to over 2% depending on the state, a nearly 8x range.
  • County and municipality — within any state, local rates can still vary by 2x or more; the state average is only a starting point.
  • Home value — tax scales linearly with assessed value, so reassessments after a renovation or a hot local market can raise your bill even if the rate doesn't change.
  • Exemptions — homestead exemptions, senior citizen exemptions, and other local relief programs can lower your effective bill below the headline rate; this calculator doesn't model exemptions.

A note on accuracy

Property tax is set at the county or municipal level and varies significantly within a single state — this calculator's default figures are state averages for estimation only. Always confirm the exact rate for a specific property with your county assessor's office before budgeting or making an offer. State average rates are sourced from and periodically cross-checked against Tax Foundation data.

Frequently asked questions

How much are property taxes?

It varies enormously by location — the national average effective rate is roughly 1%, but state averages range from about 0.27% in Hawaii to over 2% in New Jersey and Illinois. Within any given state, county and municipal rates can also differ by 2x or more. This calculator uses state-average effective rates as a starting estimate; the exact rate on a specific property comes from the county assessor.

What is the property tax on a $300,000 home?

It depends entirely on location. At Illinois's state-average effective rate of 2.08%, a $300,000 home would owe about $6,240 a year ($520/month). At Texas's average of 1.6%, the same home would owe roughly $4,800 a year. Enter your own state (or a known county rate) into the calculator above for an estimate specific to your area.

How do you calculate property tax?

Annual property tax = home value × effective tax rate. The 'effective rate' already accounts for your local assessment ratio (many counties tax a percentage of market value, not the full value), so multiplying it directly by your home's market value gives a usable estimate. Lenders typically divide the annual bill by 12 and collect it monthly through an escrow account alongside your mortgage payment.

Why is property tax set by county, not state?

Property tax funds local services — schools, police, fire departments, roads — so US states let counties and municipalities set their own rates and assessment practices. That's why two homes of identical value a few miles apart, in different taxing jurisdictions, can have very different tax bills. State averages (used as this calculator's default) smooth over that local variation.

Does property tax go up every year?

Often, yes — most jurisdictions reassess property values periodically (annually in some places, every few years in others), and rising home values typically increase your assessed value and therefore your bill, even if the tax rate itself stays flat. Some states cap how much assessed value can increase per year for owner-occupied homes; check your state and county rules for specifics.

Is property tax included in my mortgage payment?

For most conventional loans, yes — your lender collects 1/12th of your estimated annual property tax bill with each monthly mortgage payment and holds it in an escrow account, then pays the tax authority on your behalf when it's due. Use our full Mortgage Calculator to see property tax combined with principal, interest, insurance, and PMI into one total monthly payment.

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