Property Tax Calculator
Estimate annual and monthly property taxes by state and home value using 2026 effective tax rates.
Property Taxes in 2026: What Every Buyer Should Know
Property taxes are one of the most significant ongoing costs of homeownership, yet they're often underestimated. In high-tax states like New Jersey (2.13%) and Illinois (2.05%), annual property taxes on a $450,000 home exceed $9,000/year — adding $758/month to your housing cost. In low-tax states like Hawaii (0.27%) and Alabama (0.35%), the same home costs $1,215-$1,575/year in taxes.
Property taxes are assessed by county, city, and school district, so rates vary significantly within states. Two towns 10 miles apart in New Jersey might have rates of 1.8% and 2.5% — a $3,150/year difference on a $450,000 home. Always research the specific municipality before buying.
Homestead Exemptions
Most states offer homestead exemptions that reduce your assessed value by a fixed amount ($10,000-$50,000) or percentage. Senior citizens, veterans, and disabled homeowners often qualify for additional exemptions. Apply for these as soon as possible after purchase — they can save $200-$1,000/year in taxes.