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Property taxes are based on your home's assessed value, which is a percentage (assessment ratio) of its fair market value.
Assessed Value = Fair Market Value × Assessment RatioTax rates are often expressed in mills (one-tenth of a cent or $1 per $1,000 of assessed value). Millage rates are converted to decimals by dividing by 1,000.
Property Tax = Assessed Value × (Millage Rate ÷ 1,000)Lenders collect property taxes monthly alongside your mortgage payment and hold them in escrow to pay the county annually.
Monthly Tax Escrow = Annual Property Tax ÷ 12Updated: July 2026
A $250,000 home in Ohio with a local property tax rate of 1.6% and 100% assessment ratio.
→ Annual tax: $4,000; Monthly escrow: ~$333
A $450,000 home in New Jersey with an effective property tax rate of 2.2% of fair market value.
→ Annual tax: $9,900; Monthly escrow: ~$825
A $800,000 home in Hawaii with a property tax rate of 0.3% of assessed value.
→ Annual tax: $2,400; Monthly escrow: ~$200
Property tax is a local tax levied by counties, cities, or school districts on real estate. This calculator estimates your annual and monthly property tax based on your home's assessed value and local tax rate (millage rate).