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Property Tax Estimator by State/County

Estimate your yearly and monthly property tax liabilities. Compare average effective property tax rates by state and set custom county tax overrides.

Last Updated: May 2026
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Property Parameters

Note: Property tax is calculated on your local county's assessed value, which can be lower than market value.

Use Custom County Tax Rate

Property Tax Summary (Texas)

Monthly Escrow CostBased on effective tax rate of 1.680%
$490
Yearly Property TaxAnnual tax burden
$5,880
Vs. National Average (1.05%)More expensive than national average
+$2,205
Assessed Value vs. Market Value: In most US counties, property taxes are levied on the assessed value of a home, which is determined by a local tax assessor and is often 10% to 30% lower than the home's actual fair market value. Ensure you are using your local county assessment for the most accurate calculation.

Understanding How Property Taxes Are Levied

For home buyers and existing homeowners, property taxes represent a major, recurring component of the total cost of homeownership. In many cases, property taxes are paid monthly into an **escrow account** as part of your total mortgage payment, meaning a high property tax rate directly impacts your monthly cash flow and purchasing power.

This Property Tax Estimator is built to estimate your annual and monthly tax costs, mapping your assessed home value against standard effective tax rates for all 50 states.

Market Value vs. Assessed Value: The Tax Base

A common misunderstanding among first-time buyers is assuming that they will pay property tax on the exact purchase price of their home. In reality, taxes are levied on the **assessed value**, which is determined by your county or municipality tax assessor.

Assessors utilize comparative sales data and property characteristics to assign an assessment, which is frequently reassessed. Some states also cap how fast assessed values can rise for primary residences (e.g., California's Proposition 13 or Florida's Save Our Homes cap), protecting owners from sudden property tax spikes in hot markets.

NJ vs. HI: State Property Tax Disparities

Property taxes vary enormously across the United States. Because property taxes are used to fund local needs (public schools, police, fire, libraries, roads), states with no income tax often levy steep property tax burdens to offset their state budgets.

  • High Property Tax States: New Jersey leads the nation with an average effective rate of **2.47%**, followed closely by Illinois (**2.23%**) and Texas (**1.68%**). On a $400,000 home, New Jersey owners pay roughly $9,880 annually in property taxes.
  • Low Property Tax States: Hawaii boasts the lowest average effective rate at just **0.28%**, followed by Alabama (**0.40%**) and Colorado (**0.50%**).

Escrow Accounts & Monthly Payments

When you purchase a home with a mortgage, lenders typically require you to fund an **escrow account** to cover property taxes and homeowners insurance. Every month, 1/12th of your annual property tax bill is added to your principal & interest payment. The lender retains these funds and pays your tax bill on your behalf directly to the county when due.

Frequently Asked Questions

How is my property tax calculated?

Property tax is calculated by multiplying your local county's assessed home value by your local property tax rate (often expressed as a millage rate, which is the tax amount per $1,000 of assessed value). For example, a home assessed at $300,000 with a 1.5% tax rate owes $4,500 annually in property taxes.

What is the difference between assessed value and market value?

Market value is the estimated price your home would sell for on the open market. Assessed value is the value placed on your home by your local county assessor for taxation purposes. In many jurisdictions, assessed value is significantly lower than market value (ranging from 70% to 90% of market value).

Which states have the highest and lowest property taxes?

New Jersey has the highest average effective property tax rate in the nation at roughly 2.47%, followed by Illinois (2.23%) and Connecticut (2.15%). Hawaii has the lowest effective property tax rate in the nation at just 0.28%, followed by Alabama (0.40%) and Colorado (0.50%).

What is a millage rate?

A millage rate (or mill rate) is the tax rate applied to your property value. One mill is equal to one-thousandth of a dollar, meaning for every $1,000 of assessed property value, you owe $1 in taxes. For example, a mill rate of 15 mills equates to a 1.5% tax rate.

Can my property taxes increase after I buy a home?

Yes. Local tax assessors periodically reassess home values (every 1 to 5 years depending on the municipality). If your home assessed value increases or if the local school district, county, or city increases their tax rates, your annual property tax liability will rise, increasing your monthly escrow mortgage payments.

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