How to use
- Choose a known annual bill, or a value and a rate. The unused boxes are ignored.
- For a bill, type the annual dollars. For a rate, type the taxable value and the percent.
- Press Calculate. The hero is the monthly amount. Annual dollars are beside it.
- Escrow that also includes insurance is the escrow page. This page is tax only.
How it's calculated
In bill mode, monthly = annual ÷ 12.
In rate mode, annual = value × rate ÷ 100, and monthly is that result divided by 12. A rate of 1.2 means 1.2 percent, not 12 mills unless you have already converted mills into a percent.
Worked example
A $400,000 value at 1.2 percent is $4,800 a year, or $400 a month. If the bill in your hand is already $4,800, choose the annual mode and type 4800. Both paths show $400 a month.
Assumptions
Twelve equal months. A jurisdiction that bills twice a year still averages to the same month. Special assessments are included only if they are in the annual bill or the rate.
FAQ
What is a mill?
One mill is one dollar of tax per thousand dollars of value, which is 0.1 percent. Convert mills to a percent before you type the rate, or type the annual bill instead.
Does this include insurance?
No. The escrow calculator adds an insurance bill to the tax.
Which value, market or assessed?
The value the tax is computed on. If an exemption already reduced it, type the reduced value or type the bill.
Why would the monthly amount not match my escrow?
Escrow can include insurance, a shortage, or a cushion. This page is the tax divided by 12.