Assessed value times millage
US local property tax is often quoted in mills: one mill is $1 of tax per $1,000 of taxable assessed value. This model multiplies market value by an assessment ratio, then subtracts an exemption stated in assessed-value dollars. House affordability takes annual tax dollars as an input; this page estimates that bill from millage. Enter the combined mill rate and assessment inputs from the same local bill or official estimator. The page does not load jurisdiction tables.
Taxable value = max(0, assessed value − assessed-value exemption)
Annual tax = taxable value × mill rate ÷ 1,000
Monthly escrow estimate = annual tax ÷ 12
Effective rate = annual tax ÷ market value
Example
A $400,000 market value assessed at 70% is $280,000. At 18 mills the annual tax is $5,040, or a $420 monthly equivalent. An assessed $350,000 at 100%, 18.5 mills, and a $25,000 assessed-value exemption is $6,012.50.
What millage leaves out
Jurisdictions differ on appraisal, assessment ratios, exemption eligibility and ordering, special assessments, discounts, and circuit-breaker credits. Use an exemption only when the official source expresses it as a reduction to assessed value. The monthly figure is annual tax divided by 12, not a lender’s escrow quote.