Calculate property taxes on a 131,000 home purchase.
About Property Taxes
Property taxes are assessed by local municipalities to pay for things such as local public schools, parks, and other municipal expenses. It can be confusing to estimate your new property taxes when buying a home.
When you buy a home, the property taxes are typically assessed based on the purchase price. You could end up paying significantly higher property taxes than the previous owner, especially if the previous owner has lived in the home for years and the taxable value is less than the purchase price.
For example, let's say that the previous owner has owned the house for 20 years and the taxable value is $52,400. However, the house is worth much more, and you pay $131,000. In this scenario, your new taxable value could be $131,000, and if the tax rate is 2%, the new tax bill could be $2,620/year even though the previous owner paid just $1,048.
Previous Owner
New Owner
Taxable Value
$52,400
$131,000
Tax Rate
2%
2%
Property Taxes
$1,048
$2,620
Estimate Property Taxes on a 131,000 Home Purchase
Use this calculator to determine the new tax bill on a home purchase. The results will update as you type. Your local government should have data about the tax rates and millage rates. You'll need to find out how the taxable value is calculated. Many times, the accessed and taxable values are 50% of the actual purchase price of the home.
$
%
Property Taxes
$
$
Property Taxes
Taxes Using 100% Value
Value
Tax Rate
Property Taxes
131,000
0.1%
$131
131,000
0.2%
$262
131,000
0.3%
$393
131,000
0.4%
$524
131,000
0.5%
$655
131,000
0.6%
$786
131,000
0.7%
$917
131,000
0.8%
$1,048
131,000
0.9%
$1,179
131,000
1%
$1,310
131,000
1.1%
$1,441
131,000
1.2%
$1,572
131,000
1.3%
$1,703
131,000
1.4%
$1,834
131,000
1.5%
$1,965
131,000
1.6%
$2,096
131,000
1.7%
$2,227
131,000
1.8%
$2,358
131,000
1.9%
$2,489
131,000
2%
$2,620
131,000
2.1%
$2,751
131,000
2.2%
$2,882
131,000
2.3%
$3,013
131,000
2.4%
$3,144
131,000
2.5%
$3,275
131,000
2.6%
$3,406
131,000
2.7%
$3,537
131,000
2.8%
$3,668
131,000
2.9%
$3,799
131,000
3%
$3,930
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
65,500
$2 per $1,000
$131
65,500
$4 per $1,000
$262
65,500
$6 per $1,000
$393
65,500
$8 per $1,000
$524
65,500
$10 per $1,000
$655
65,500
$12 per $1,000
$786
65,500
$14 per $1,000
$917
65,500
$16 per $1,000
$1,048
65,500
$18 per $1,000
$1,179
65,500
$20 per $1,000
$1,310
65,500
$22 per $1,000
$1,441
65,500
$24 per $1,000
$1,572
65,500
$26 per $1,000
$1,703
65,500
$28 per $1,000
$1,834
65,500
$30 per $1,000
$1,965
65,500
$32 per $1,000
$2,096
65,500
$34 per $1,000
$2,227
65,500
$36 per $1,000
$2,358
65,500
$38 per $1,000
$2,489
65,500
$40 per $1,000
$2,620
65,500
$42 per $1,000
$2,751
65,500
$44 per $1,000
$2,882
65,500
$46 per $1,000
$3,013
65,500
$48 per $1,000
$3,144
65,500
$50 per $1,000
$3,275
65,500
$52 per $1,000
$3,406
65,500
$54 per $1,000
$3,537
65,500
$56 per $1,000
$3,668
65,500
$58 per $1,000
$3,799
65,500
$60 per $1,000
$3,930
Understanding the Tax Bill
Many times, a property is accessed at 50% of the value of a property. The taxable value often has a cap on the amount that it can increase but this depends on the municipality. This is why long time home owners often have taxable values much less than assessed values.
The millage rate is a number used by local governments to assess taxes. It is expressed as a dollar amount for every $1,000 in taxable value. For example, 40 mills would equal $40 in property taxes for every $1,000 of taxable value. So for a home with a taxable value of $65,500, a rate of 40 mills would have property taxes of $2,620.
Assessed Value
Value that the assessor gives to the property. This is usually less than the actual value of the home.
Taxable Value
The value that is used to calculate property taxes.