Property Tax Calculator — Estimate Your Annual Property Tax
Calculate annual property tax based on home value and location. Compare property tax rates across all 50 US states and find potential exemptions.
Property tax is the largest recurring cost of homeownership and varies dramatically by state and county. New Jersey homeowners pay an average 2.23% while Hawaii homeowners pay just 0.27%. On a $400000 home this difference is $7840 per year. Understanding property tax rates before buying helps you budget accurately and can even influence which state or county you choose to buy in.
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Key Information
| Parameter | Details |
|---|---|
| Highest Property Tax State | New Jersey (2.23% effective rate) |
| Lowest Property Tax State | Hawaii (0.27% effective rate) |
| National Average Rate | 1.07% of assessed value |
| Average Annual Tax | $4000 on median US home |
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Use Calculator NowFrequently Asked Questions
How is property tax calculated?
Property tax = Assessed Value x Mill Rate (tax rate). Assessed value is typically 80-100% of market value depending on your county assessor. The mill rate is set by local governments annually to fund schools roads emergency services and infrastructure. Some jurisdictions apply homestead exemptions senior exemptions or veteran exemptions that reduce your assessed value before calculating tax.
Which states have no property tax?
No US state has zero property tax but several have very low rates: Hawaii (0.27%) Alabama (0.37%) Louisiana (0.51%) Wyoming (0.55%) and Colorado (0.55%). However low property tax states may have higher income or sales taxes. Consider total tax burden not just one category. States like Texas have no income tax but high property taxes (1.68%) creating a tradeoff.
Can I deduct property tax on federal taxes?
Yes property taxes are deductible on federal income tax returns if you itemize deductions. However the SALT deduction (State and Local Tax) cap limits total deductions for property tax plus state income tax to $10000 per year ($5000 if married filing separately). For homeowners in high-tax states this cap significantly reduces the tax benefit of property tax deductions.
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Last updated: 24 March 2026