Property Tax Calculator
Estimate the yearly and monthly property tax on a home
Last updated: October 2026 · State rates: 2024 data
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New Jersey
Average effective rate on owner-occupied homes: 1.88%, ranked 1 of 50 (1 = highest). State and local property tax collections were $3,590 per resident in FY 2023, against $2,034 nationally. Rates vary a great deal between counties and school districts, so use your own tax bill for a precise figure.
How the estimate works
State average: annual tax = home value x the state's average effective rate. The effective rate already reflects typical assessment practices and exemptions in the state, so it is a quick, realistic first estimate.
Your local rate: annual tax = (home value x assessment ratio - exemptions) x tax rate. Use this when you have a tax bill or the county's published rate. A rate in mills is divided by 10 to get a percentage.
Monthly is the annual figure divided by 12, which is roughly what a lender collects for escrow with each mortgage payment.
Worked example
- A $400,000 home in New Jersey at the 1.88% average effective rate: $7,520 a year, or $626.67 a month.
- A $350,000 home in Texas at 1.40%: $4,900 a year.
- The same $400,000 home at the 0.90% US average: $3,600 a year.
- Using a local rate: assessed at 80% ($320,000), less a $50,000 homestead exemption, at 2%: $5,400 a year.
Effective property tax rates by state
Mean effective rate on owner-occupied housing, calendar year 2024 (total real estate taxes paid divided by total home value), and state and local property tax collections per capita, FY 2023. Source: Tax Foundation, Facts & Figures 2026, Tables 33 and 34, based on Census Bureau data.
| State | Effective rate | Rank | Tax on a $300,000 home | Collections per capita |
|---|---|---|---|---|
| Alabama | 0.37% | 49 | $1,110 | $769 |
| Alaska | 0.94% | 20 | $2,820 | $2,407 |
| Arizona | 0.48% | 47 | $1,440 | $1,234 |
| Arkansas | 0.56% | 37 | $1,680 | $901 |
| California | 0.70% | 32 | $2,100 | $2,352 |
| Colorado | 0.50% | 44 | $1,500 | $2,229 |
| Connecticut | 1.54% | 3 | $4,620 | $3,311 |
| Delaware | 0.54% | 39 | $1,620 | $1,087 |
| District of Columbia | 0.60% | n/a | $1,800 | $4,395 |
| Florida | 0.78% | 27 | $2,340 | $1,789 |
| Georgia | 0.79% | 25 | $2,370 | $1,616 |
| Hawaii | 0.29% | 50 | $870 | $1,762 |
| Idaho | 0.50% | 45 | $1,500 | $1,142 |
| Illinois | 1.88% | 2 | $5,640 | $2,690 |
| Indiana | 0.76% | 29 | $2,280 | $1,325 |
| Iowa | 1.33% | 9 | $3,990 | $2,089 |
| Kansas | 1.21% | 13 | $3,630 | $1,861 |
| Kentucky | 0.74% | 31 | $2,220 | $1,089 |
| Louisiana | 0.55% | 38 | $1,650 | $1,086 |
| Maine | 0.98% | 19 | $2,940 | $2,591 |
| Maryland | 0.92% | 21 | $2,760 | $1,924 |
| Massachusetts | 1.00% | 16 | $3,000 | $3,005 |
| Michigan | 1.19% | 14 | $3,570 | $1,831 |
| Minnesota | 1.00% | 17 | $3,000 | $1,798 |
| Mississippi | 0.58% | 36 | $1,740 | $1,286 |
| Missouri | 0.89% | 23 | $2,670 | $1,468 |
| Montana | 0.61% | 35 | $1,830 | $2,019 |
| Nebraska | 1.44% | 6 | $4,320 | $2,314 |
| Nevada | 0.50% | 43 | $1,500 | $1,406 |
| New Hampshire | 1.50% | 5 | $4,500 | $3,439 |
| New Jersey | 1.88% | 1 | $5,640 | $3,590 |
| New Mexico | 0.63% | 34 | $1,890 | $1,233 |
| New York | 1.30% | 11 | $3,900 | $3,457 |
| North Carolina | 0.66% | 33 | $1,980 | $1,201 |
| North Dakota | 0.92% | 22 | $2,760 | $1,607 |
| Ohio | 1.36% | 8 | $4,080 | $1,624 |
| Oklahoma | 0.79% | 26 | $2,370 | $1,086 |
| Oregon | 0.81% | 24 | $2,430 | $2,000 |
| Pennsylvania | 1.26% | 12 | $3,780 | $1,763 |
| Rhode Island | 1.12% | 15 | $3,360 | $2,491 |
| South Carolina | 0.49% | 46 | $1,470 | $1,490 |
| South Dakota | 1.00% | 18 | $3,000 | $1,725 |
| Tennessee | 0.52% | 41 | $1,560 | $1,023 |
| Texas | 1.40% | 7 | $4,200 | $2,337 |
| Utah | 0.48% | 48 | $1,440 | $1,438 |
| Vermont | 1.51% | 4 | $4,530 | $3,320 |
| Virginia | 0.78% | 28 | $2,340 | $2,167 |
| Washington | 0.75% | 30 | $2,250 | $2,013 |
| West Virginia | 0.51% | 42 | $1,530 | $1,109 |
| Wisconsin | 1.32% | 10 | $3,960 | $1,848 |
| Wyoming | 0.53% | 40 | $1,590 | $2,851 |
Rank 1 is the highest rate. The District of Columbia is not ranked.
Frequently Asked Questions
How is property tax calculated?
Your local assessor sets an assessed value, which may be a fixed share of market value. Exemptions such as a homestead exemption are subtracted, and the result is multiplied by the combined rate of every taxing body (county, city, school district and others). Example: a $400,000 home assessed at 80% is $320,000; less a $50,000 exemption leaves $270,000; at a 2% rate the bill is $5,400 a year.
What is an effective property tax rate?
It is the tax actually paid as a share of the home's market value, which makes states comparable even though they assess property differently. Across the US the mean effective rate on owner-occupied homes was 0.90% in 2024, according to the Tax Foundation's analysis of Census American Community Survey data.
Which states have the highest and lowest property taxes?
By effective rate in 2024, New Jersey and Illinois were highest at 1.88%, followed by Connecticut (1.54%), Vermont (1.51%) and New Hampshire (1.50%). Hawaii was lowest at 0.29%, then Alabama (0.37%), Utah (0.48%) and Arizona (0.48%). A low rate does not always mean a low bill: Hawaii's home values are among the highest in the country.
What is a mill rate?
A mill is one-tenth of a cent, so a rate of 1 mill is $1 of tax per $1,000 of taxable value, or 0.1%. A 25-mill levy is 2.5%. Many tax bills in the Northeast and Midwest show rates in mills. Choose mills in the custom rate option to enter them directly.
What is a homestead exemption?
Most states reduce the taxable value of a primary residence, either by a fixed dollar amount or a percentage, and some cap how fast the assessed value can rise each year. You usually have to apply once with the county assessor. Seniors, veterans and people with disabilities often qualify for larger exemptions or freezes.
Are property taxes deductible?
If you itemize, state and local property taxes count toward the state and local tax (SALT) deduction. For 2026 the cap is $40,400 for most filers ($20,200 if married filing separately) and it phases down for modified AGI above $505,000. Property taxes on rental property are deducted against rental income instead and are not subject to the cap.