Check the Flapper

Over time, flappers can become warped and misshapen. Turn the water off usin
g the valve found on the wall behind and below the toilet seat. Detach the flapp
er from the tank mechanism and take a look at it. If it appears to be symmetric
and damage-free, it probably does not need replacement. As a general rule, flapp
ers need replacing every three to five years.
Drain Hole Corrosion
If the flapper is undamaged, the drain hole could be the culprit. The hole c
an become encrusted with minerals and corrosion, which can prevent the flapper f
rom sealing. To fix it, use fine sandpaper or an emery board to remove the depos
its and help ensure a tight fit for the flapper.
Chain Issues
If the chain is too short, the flapper may not fit snugly in the hole. Verif
y that the chain is the right length by watching while you flush. The chain shou
ld be a little slack, but pull the flapper up when it is depressed approximately
halfway. After the flush, the flapper should lower easily into place and the ta
nk should begin to fill. As the flapper settles into place, watch the chain to e
nsure that it does not get caught on anything inside the tank.
Tips
If all else fails, replace the flapper. Anyone can do it in a few minutes an
d a new flapper usually costs under $5.
Since there are many different kinds of flappers and toilet mechanisms on th
e market, take the old flapper to the store for comparison.