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Property Tax Calculator

Calculate your annual property tax from market value, assessment ratio, exemptions and millage rate, then see Schedule E rental cash flow with 27.5-year depreciation. County-by-county exemption guides are linked below.

Updated November 4, 2026. Free, no sign-up; everything runs in your browser and nothing you type is stored.

Property tax calculator

Market value ($)Assessment ratio (% of value taxed)Exemptions: homestead, senior, veteran ($)Total millage rate (mills = $ per $1,000)

Annual property tax

–

–Assessed value

–Taxable value

–Per month (escrow)

–Effective tax rate

–Saved by exemptions

Schedule E rental: depreciation and cash flow

Rent received ($/year)Expenses: tax, insurance, repairs, HOA ($/year)Mortgage interest ($/year)Building cost basis, excluding land ($)Month placed in service (1-12)

–Cash flow before depreciation

–Full-year depreciation (27.5 years)

–First-year depreciation (mid-month)

–Schedule E net, full year

How property tax is calculated

Property tax is an ad valorem tax: a tax "according to value". Tax = (assessed value − exemptions) × millage rate ÷ 1,000. A mill is $1 per $1,000 of taxable value, and your bill adds up the millage of every local body (county, city, school district, special districts).

Example: a $350,000 home assessed at 100%, with a $25,000 homestead exemption and 20 mills: ($350,000 − $25,000) × 20 ÷ 1,000 = $6,500 a year ($541.67 a month), an effective rate of 1.857%. The exemption saves $500 a year.

Assessment ratio: some states tax only part of market value (for example 40% in Georgia); others assess at 100%.
Exemptions: homestead, senior, disabled-veteran and other exemptions lower taxable value; many must be applied for by a deadline. Our county property tax guides list the senior exemptions and appeal deadlines county by county.
Caps: states like California (Prop 13), Florida and Texas limit how fast assessed value can rise on a homestead.

Schedule E: rental property taxes and depreciation

Rental income goes on Schedule E (Form 1040). You deduct property tax, insurance, repairs, mortgage interest and management, plus depreciation: the building (not the land) over 27.5 years, straight line, with a mid-month convention in the first year. $275,000 of building basis is $10,000 a year; placed in service in July, the first year gets 5.5 months, $4,583. Depreciation reduces taxable rental income but is recaptured at up to 25% when you sell (see the property gains tax calculator).

Real estate investing and partnership income

If you invest through a partnership or LLC, your share of income and deductions arrives on a Schedule K-1 and flows to Schedule E. Canada's equivalent of depreciation is called capital cost allowance (CCA), with different rates; this calculator uses US rules.

Schedule K 1 income from real estate partnerships

If you own rental property through a partnership, LLC or S corporation, you receive a Schedule K 1 instead of filing the property on your own Schedule E Part I; the K-1 amounts go on Schedule E Part II.

Common questions

How is property tax calculated?

(Assessed value − exemptions) × millage ÷ 1,000. $325,000 taxable at 20 mills is $6,500 a year.

What is a mill?

$1 of tax per $1,000 of taxable value.

What is ad valorem tax?

A tax based on value, which is how property tax works.

How is rental property depreciated?

The building's cost over 27.5 years, straight line, with a mid-month convention in the first year.

Where do I report rental income?

On Schedule E of Form 1040; partnership income comes on a Schedule K-1.

Sources

General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.