12" is the wheel diameter (actually it's the diameter of the tire seat in the rim, so the edge of the rim will be more like 13").
The tire diameter will depend on its section width as well as the wheel diameter - a 5.30x12 is bigger than a 4.80x12, though not by much (22.7" and 21.6" diam respectively).
Here are my crib sheets:
Dexter's wheel and tire chart - good for wheels as well as tires, but only in sizes appropriate to Dexter axles.
Goodyear RV tire chart - should be accurate but does 'ST'-type trailer tires only.
Carlisle trailer tire chart - goes down to 8" wheels, but is obviously tire only.
As well as diameter, you need to see the SLR =
Static
Loaded
Radius. This is the distance from the ground to the axle centerline for a loaded tire - it's less than than the tire's radius due to the tire's 'bulge'. I use a figure somewhere between the SLR and the tire radius, since few teardrop tires are loaded near their maximum.
Hope that helps.
Andrew