How to Use a Property Tax Calculator
Property taxes are one of the major expenses for homeowners. Understanding how they work is a critical part of being a responsible homeowner.
Property tax rates vary by jurisdiction and are used to fund local government services such as police, fire, schools, libraries and parks. Each year, millions of people pay property taxes to their state and local governments.
How to use the calculator
Property taxes are a crucial part of each state’s revenue and local governments depend on them for services like police departments, fire districts, public schools and more. They help pay for maintenance of streets, sidewalks and bridges as well as parks and libraries.
To estimate property taxes, use the calculator to enter your property information and tax rate. The calculator will generate a schedule listing each year and a total tax amount. You must select the correct tax district from the dropdown menu.
Depending on where you live, you will be asked to enter the assessed value or fair market value for your home. In most states, the assessed value is increased by up to 2% per year. The Fair Market Value is how much your home would sell for on the open market, assuming an arm’s length transaction and no pressure from the seller or buyer to purchase or sell. You can use the home’s market value or fair market value to get a rough idea of how your tax bill may look.
Enter your property information
Property taxes are a big part of the cost of owning a home. They are paid by the owner of a property and are used to fund many local government initiatives. This includes law enforcement, fire protection, schools, parks, roads and other public services.
Using this property tax calculator can help you estimate your property taxes when looking to buy a new home. It’s important to know what your property taxes will be so you can budget accordingly and make sure you can afford the home you want.
Please note that the estimated tax amount calculated in this tool is based on 2022 values associated with your property, and your actual taxes may be higher or lower than this estimated tax amount. The estimated tax does not include special assessments, delinquency charges, or other miscellaneous fees not determinable at this time. Thank you for your understanding! Click “Proceed to Tax Calculator” below. We hope you will use this calculator for future reference.
Enter your tax rate
Homeowners must pay property taxes, which are levied by cities, counties and school districts on the properties within their boundaries. These taxes are used to fund services that benefit the local communities.
Most annual property tax calculations include a computation based on a percentage of the assessed value of your property. For example, in California the assessed value of your property is increased by up to 2% per year at the rate of inflation.
To enter your tax rate into the calculator, simply select a property type from the dropdown menu at the top of the page and choose the appropriate tax district. The tax district numbers that you see on your tax bill will match those you enter into the calculator. Once you’ve entered your tax rate, click on the ‘Calculate This Bill’ button to get an estimate of your bill. You’ll be provided with a schedule listing each year and the total tax amount.
Enter your exemptions
Depending on your home’s location and the state you live in, there may be a number of exemptions you can take advantage of. The most notable of these may be the homestead exemption for your primary residence. This is a big deal because it means that your taxes are likely to be reduced – and it could save you thousands of dollars over the long haul. In fact, according to a recent study by the National Association of Realtors, homeowners who qualify for the best homestead exemption are able to save up to 10% on their annual property taxes. That’s a lot of savings!