Property tax by home value
What a home actually costs in annual property tax, from $200K to $5M. At the national average effective rate of 1.11%, a $500,000 home runs about $5,545 a year. But the state you buy in matters more than almost anything else: the same house costs about $1,600 in Hawaii and $12,450 in New Jersey.
The quick answer, by home value
National average alongside the cheapest and most expensive states, so you can see both the typical bill and the realistic range.
| Home value | National avg (1.11%) | Per month | Hawaii (0.32%) | New Jersey (2.49%) |
|---|---|---|---|---|
| $200K | $2,218 | $185 | $640 | $4,980 |
| $300K | $3,327 | $277 | $960 | $7,470 |
| $400K | $4,436 | $370 | $1,280 | $9,960 |
| $500K | $5,545 | $462 | $1,600 | $12,450 |
| $750K | $8,318 | $693 | $2,400 | $18,675 |
| $1M | $11,090 | $924 | $3,200 | $24,900 |
| $1.5M | $16,635 | $1,386 | $4,800 | $37,350 |
| $2M | $22,180 | $1,848 | $6,400 | $49,800 |
| $2.5M | $27,725 | $2,310 | $8,000 | $62,250 |
| $5M | $55,451 | $4,621 | $16,000 | $124,500 |
Effective rates from Tax Foundation and ATTOM data, applied to market value. Your county's rate and any exemptions you claim will move the real figure.
Every state, four common home values
Sorted from the highest effective rate to the lowest. Annual property tax in dollars.
| State | Rate | $200K home | $500K home | $1M home | $2M home |
|---|---|---|---|---|---|
| New Jersey | 2.49% | $4,980 | $12,450 | $24,900 | $49,800 |
| Illinois | 2.23% | $4,460 | $11,150 | $22,300 | $44,600 |
| New Hampshire | 2.18% | $4,360 | $10,900 | $21,800 | $43,600 |
| Connecticut | 2.15% | $4,300 | $10,750 | $21,500 | $43,000 |
| Vermont | 1.9% | $3,800 | $9,500 | $19,000 | $38,000 |
| Wisconsin | 1.85% | $3,700 | $9,250 | $18,500 | $37,000 |
| Texas | 1.8% | $3,600 | $9,000 | $18,000 | $36,000 |
| Nebraska | 1.73% | $3,460 | $8,650 | $17,300 | $34,600 |
| New York | 1.73% | $3,460 | $8,650 | $17,300 | $34,600 |
| Rhode Island | 1.63% | $3,260 | $8,150 | $16,300 | $32,600 |
| Ohio | 1.62% | $3,240 | $8,100 | $16,200 | $32,400 |
| Pennsylvania | 1.58% | $3,160 | $7,900 | $15,800 | $31,600 |
| Iowa | 1.57% | $3,140 | $7,850 | $15,700 | $31,400 |
| Michigan | 1.54% | $3,080 | $7,700 | $15,400 | $30,800 |
| Kansas | 1.41% | $2,820 | $7,050 | $14,100 | $28,200 |
| Maine | 1.36% | $2,720 | $6,800 | $13,600 | $27,200 |
| South Dakota | 1.31% | $2,620 | $6,550 | $13,100 | $26,200 |
| Massachusetts | 1.23% | $2,460 | $6,150 | $12,300 | $24,600 |
| Alaska | 1.22% | $2,440 | $6,100 | $12,200 | $24,400 |
| Minnesota | 1.12% | $2,240 | $5,600 | $11,200 | $22,400 |
| Maryland | 1.09% | $2,180 | $5,450 | $10,900 | $21,800 |
| Missouri | 1.01% | $2,020 | $5,050 | $10,100 | $20,200 |
| North Dakota | 0.98% | $1,960 | $4,900 | $9,800 | $19,600 |
| Washington | 0.98% | $1,960 | $4,900 | $9,800 | $19,600 |
| Oregon | 0.93% | $1,860 | $4,650 | $9,300 | $18,600 |
| Georgia | 0.92% | $1,840 | $4,600 | $9,200 | $18,400 |
| Florida | 0.91% | $1,820 | $4,550 | $9,100 | $18,200 |
| Oklahoma | 0.9% | $1,800 | $4,500 | $9,000 | $18,000 |
| Kentucky | 0.86% | $1,720 | $4,300 | $8,600 | $17,200 |
| Indiana | 0.85% | $1,700 | $4,250 | $8,500 | $17,000 |
| Montana | 0.83% | $1,660 | $4,150 | $8,300 | $16,600 |
| North Carolina | 0.82% | $1,640 | $4,100 | $8,200 | $16,400 |
| Virginia | 0.82% | $1,640 | $4,100 | $8,200 | $16,400 |
| Mississippi | 0.81% | $1,620 | $4,050 | $8,100 | $16,200 |
| New Mexico | 0.8% | $1,600 | $4,000 | $8,000 | $16,000 |
| California | 0.75% | $1,500 | $3,750 | $7,500 | $15,000 |
| Tennessee | 0.71% | $1,420 | $3,550 | $7,100 | $14,200 |
| Idaho | 0.67% | $1,340 | $3,350 | $6,700 | $13,400 |
| Arkansas | 0.64% | $1,280 | $3,200 | $6,400 | $12,800 |
| Arizona | 0.63% | $1,260 | $3,150 | $6,300 | $12,600 |
| Utah | 0.63% | $1,260 | $3,150 | $6,300 | $12,600 |
| Delaware | 0.61% | $1,220 | $3,050 | $6,100 | $12,200 |
| Wyoming | 0.61% | $1,220 | $3,050 | $6,100 | $12,200 |
| Nevada | 0.59% | $1,180 | $2,950 | $5,900 | $11,800 |
| West Virginia | 0.58% | $1,160 | $2,900 | $5,800 | $11,600 |
| District of Columbia | 0.57% | $1,140 | $2,850 | $5,700 | $11,400 |
| South Carolina | 0.57% | $1,140 | $2,850 | $5,700 | $11,400 |
| Louisiana | 0.56% | $1,120 | $2,800 | $5,600 | $11,200 |
| Colorado | 0.55% | $1,100 | $2,750 | $5,500 | $11,000 |
| Alabama | 0.41% | $820 | $2,050 | $4,100 | $8,200 |
| Hawaii | 0.32% | $640 | $1,600 | $3,200 | $6,400 |
Why the same house varies this much
The effective rate spread across states is roughly 7.8x — 0.32% in Hawaii against 2.49% in New Jersey. On a $1 million home that is the difference between $3,200 and $24,900 every year, for the rest of the time you own it.
Two things drive most of the gap. The first is what else the state taxes: places with no income tax tend to lean harder on property. The second is school funding, which is the largest single line on most property tax bills and is set locally — which is why two towns in the same state can differ sharply.
A high rate does not automatically mean a high bill. Rates and home prices tend to move in opposite directions, so the states with the steepest rates are often the ones with the cheapest housing. We ranked both ways in the cities with the highest property tax bills and property tax rates by city.
Getting your actual number
The figures above apply a statewide average to market value, which is the right way to compare states but not the way your bill is computed. For your own number you need the assessed value of your parcel and the sum of every millage rate covering your address — the county assessor publishes both.
Once you have them, the property tax calculator will do the arithmetic, and the millage rate calculator converts between mills, percent and dollars if your county quotes in mills. To see it inside a full monthly payment, use the mortgage calculator.
Common questions
How much is property tax on a $500,000 home?
Nationally, about $5,545 a year at the average effective rate of 1.11%. The spread by state is wide: roughly $1,600 in Hawaii and $12,450 in New Jersey — a difference of about $10,850 a year on the same house.
How much is property tax on a $1 million home?
About $11,090 a year at the national average effective rate, or roughly $924 a month. In Hawaii that falls to about $3,200; in New Jersey it rises to about $24,900.
How much is property tax on a $200,000 home?
About $2,218 a year nationally — roughly $185 a month, which is typically collected in escrow with your mortgage payment rather than billed separately.
Why does the same home cost so much more in property tax in one state?
Because the effective rate varies by roughly 7.8x across states — from 0.32% in Hawaii to 2.49% in New Jersey. States with no income tax or low sales tax tend to lean harder on property tax, and local school funding is the single largest driver. Your actual rate is the sum of every taxing district covering your address.
How do I work out the monthly property tax?
Divide the annual bill by 12. Most homeowners never pay it directly — the servicer collects one-twelfth each month into an escrow account and pays the county when the bill comes due, which is why a property tax increase shows up as a higher mortgage payment.
Is property tax based on what I paid for the home?
It is based on assessed value, which may or may not equal what you paid. Some states reassess at the purchase price when a home changes hands; others assess at a fixed fraction of market value, or cap how fast the assessment can rise (California's Proposition 13 is the best-known example). The figures here apply an effective rate to market value, which is how consumer-facing property tax rates are normally published.