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Property tax is calculated by multiplying the assessed value of your property by the local mill rate (tax rate). Assessed value is usually a percentage of market value — called the assessment ratio — which varies by jurisdiction. For example, if your home is worth $400,000, the assessment ratio is 80%, and the mill rate is 20 mills ($20 per $1,000 assessed value), your annual tax is: $400,000 × 80% × 2% = $6,400. Homestead exemptions, senior exemptions, and other programs reduce the taxable assessed value, lowering the bill.

New Jersey has the highest average effective property tax rate at approximately 2.23%, followed by Illinois (2.08%), Connecticut (1.92%), New Hampshire (1.89%), and Vermont (1.83%). The lowest rates are in Hawaii (0.27%), Alabama (0.37%), Colorado (0.51%), Nevada (0.55%), and Utah (0.56%). However, effective rates vary significantly within states — county-level rates can differ by 50–100% depending on local school district levies, municipal budgets, and county funding needs. Urban counties in otherwise low-rate states often have higher effective rates than rural counties.

Homestead exemptions reduce the taxable assessed value of your primary residence, directly lowering your property tax bill. Florida's homestead exemption removes the first $50,000 of assessed value from taxation (saving roughly $1,000/year at average Florida rates). Texas homeowners get a $40,000 school district exemption plus additional exemptions for seniors and disabled homeowners. Georgia offers a $2,000 exemption statewide with larger exemptions at the county level. Some exemptions are dollar amounts; others are percentages. Most require filing an application with your county assessor, and filing deadlines vary.

You can appeal if you believe your property is overassessed. Steps: (1) Review your assessment notice for the appeal deadline — typically 30–90 days from when you receive it; (2) Request a copy of your property's assessment record from the assessor's office to identify errors (incorrect square footage, bedroom count, or condition); (3) Gather comparable sales (comps) — recently sold similar properties in your area; (4) File an informal appeal with the assessor first, then a formal appeal with the county board of assessment appeals if needed. Professional property tax consultants often work on contingency. Success rates vary but appeals are frequently successful when the market supports a lower value.

Property tax due dates vary significantly by state and locality. Most jurisdictions bill annually or semi-annually. Common patterns: California bills twice (November 1 and February 1, delinquent December 10 and April 10); Texas is due January 31 (can be paid as late as April 1 with interest); New York City bills quarterly; Florida is due by March 31 but discounts of 4% are given for November payment. Most lenders escrow property taxes — collecting monthly 1/12th of the annual bill and paying the municipality directly. If you pay taxes directly (no escrow), verify your county's specific due dates to avoid penalties.