Calculate property taxes on a 132,000 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 $52,800. However, the house is worth much more, and you pay $132,000. In this scenario, your new taxable value could be $132,000, and if the tax rate is 2%, the new tax bill could be $2,640/year even though the previous owner paid just $1,056.
Previous Owner
New Owner
Taxable Value
$52,800
$132,000
Tax Rate
2%
2%
Property Taxes
$1,056
$2,640
Estimate Property Taxes on a 132,000 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
132,000
0.1%
$132
132,000
0.2%
$264
132,000
0.3%
$396
132,000
0.4%
$528
132,000
0.5%
$660
132,000
0.6%
$792
132,000
0.7%
$924
132,000
0.8%
$1,056
132,000
0.9%
$1,188
132,000
1%
$1,320
132,000
1.1%
$1,452
132,000
1.2%
$1,584
132,000
1.3%
$1,716
132,000
1.4%
$1,848
132,000
1.5%
$1,980
132,000
1.6%
$2,112
132,000
1.7%
$2,244
132,000
1.8%
$2,376
132,000
1.9%
$2,508
132,000
2%
$2,640
132,000
2.1%
$2,772
132,000
2.2%
$2,904
132,000
2.3%
$3,036
132,000
2.4%
$3,168
132,000
2.5%
$3,300
132,000
2.6%
$3,432
132,000
2.7%
$3,564
132,000
2.8%
$3,696
132,000
2.9%
$3,828
132,000
3%
$3,960
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
66,000
$2 per $1,000
$132
66,000
$4 per $1,000
$264
66,000
$6 per $1,000
$396
66,000
$8 per $1,000
$528
66,000
$10 per $1,000
$660
66,000
$12 per $1,000
$792
66,000
$14 per $1,000
$924
66,000
$16 per $1,000
$1,056
66,000
$18 per $1,000
$1,188
66,000
$20 per $1,000
$1,320
66,000
$22 per $1,000
$1,452
66,000
$24 per $1,000
$1,584
66,000
$26 per $1,000
$1,716
66,000
$28 per $1,000
$1,848
66,000
$30 per $1,000
$1,980
66,000
$32 per $1,000
$2,112
66,000
$34 per $1,000
$2,244
66,000
$36 per $1,000
$2,376
66,000
$38 per $1,000
$2,508
66,000
$40 per $1,000
$2,640
66,000
$42 per $1,000
$2,772
66,000
$44 per $1,000
$2,904
66,000
$46 per $1,000
$3,036
66,000
$48 per $1,000
$3,168
66,000
$50 per $1,000
$3,300
66,000
$52 per $1,000
$3,432
66,000
$54 per $1,000
$3,564
66,000
$56 per $1,000
$3,696
66,000
$58 per $1,000
$3,828
66,000
$60 per $1,000
$3,960
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 $66,000, a rate of 40 mills would have property taxes of $2,640.
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.