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Annual Property Tax
$4,280
Monthly Escrow Amount
$357
More details
ℹ️ Property tax rates vary significantly within states by county and city. This uses the statewide effective average. Your actual bill depends on your specific location and local assessment practices.
How to Use
- 1Enter your home's purchase price or assessed value.
- 2Select your state to use the statewide average effective rate.
- 3Optionally enter your specific local tax rate for a more accurate estimate.
- 4Your annual tax and monthly escrow amount appear instantly.
- 5Add this to your mortgage P&I to estimate total monthly housing costs.
Frequently Asked Questions
How is property tax calculated?+
Property tax = Assessed Value × Tax Rate (millage). Assessed value may be less than market value (e.g., California assesses at purchase price + 2% max/year). The effective rate shown here accounts for this assessment ratio.
Which states have the highest property taxes?+
New Jersey (2.47%), Illinois (2.23%), New Hampshire (2.18%), Connecticut (2.14%), and Vermont (1.90%) have the highest effective rates. Hawaii (0.32%), Alabama (0.40%), and Colorado (0.51%) are the lowest.
Can property taxes increase after I buy?+
Yes — taxing authorities reassess properties periodically. However, many states have caps: California limits increases to 2%/year (Prop 13), Florida caps at 3%/year for homesteads. Other states reassess to market value regularly.
What is an escrow account for property taxes?+
Lenders often require an escrow account where you pay 1/12 of your annual property tax each month. The lender then pays your tax bill when it's due. This ensures the bill is always paid on time.
Can I appeal my property tax assessment?+
Yes. If you believe your property is over-assessed, you can file an appeal with your county assessor. About 30–40% of appeals result in a reduction. Hire a tax consultant or attorney for significant savings potential.
This calculator is for informational purposes only and does not constitute financial, legal, or tax advice. Consult a qualified professional before making real estate or financial decisions.