Calculate property taxes on a 133,000 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 $53,200. However, the house is worth much more, and you pay $133,000. In this scenario, your new taxable value could be $133,000, and if the tax rate is 2%, the new tax bill could be $2,660/year even though the previous owner paid just $1,064.
Previous Owner
New Owner
Taxable Value
$53,200
$133,000
Tax Rate
2%
2%
Property Taxes
$1,064
$2,660
Estimate Property Taxes on a 133,000 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
133,000
0.1%
$133
133,000
0.2%
$266
133,000
0.3%
$399
133,000
0.4%
$532
133,000
0.5%
$665
133,000
0.6%
$798
133,000
0.7%
$931
133,000
0.8%
$1,064
133,000
0.9%
$1,197
133,000
1%
$1,330
133,000
1.1%
$1,463
133,000
1.2%
$1,596
133,000
1.3%
$1,729
133,000
1.4%
$1,862
133,000
1.5%
$1,995
133,000
1.6%
$2,128
133,000
1.7%
$2,261
133,000
1.8%
$2,394
133,000
1.9%
$2,527
133,000
2%
$2,660
133,000
2.1%
$2,793
133,000
2.2%
$2,926
133,000
2.3%
$3,059
133,000
2.4%
$3,192
133,000
2.5%
$3,325
133,000
2.6%
$3,458
133,000
2.7%
$3,591
133,000
2.8%
$3,724
133,000
2.9%
$3,857
133,000
3%
$3,990
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
66,500
$2 per $1,000
$133
66,500
$4 per $1,000
$266
66,500
$6 per $1,000
$399
66,500
$8 per $1,000
$532
66,500
$10 per $1,000
$665
66,500
$12 per $1,000
$798
66,500
$14 per $1,000
$931
66,500
$16 per $1,000
$1,064
66,500
$18 per $1,000
$1,197
66,500
$20 per $1,000
$1,330
66,500
$22 per $1,000
$1,463
66,500
$24 per $1,000
$1,596
66,500
$26 per $1,000
$1,729
66,500
$28 per $1,000
$1,862
66,500
$30 per $1,000
$1,995
66,500
$32 per $1,000
$2,128
66,500
$34 per $1,000
$2,261
66,500
$36 per $1,000
$2,394
66,500
$38 per $1,000
$2,527
66,500
$40 per $1,000
$2,660
66,500
$42 per $1,000
$2,793
66,500
$44 per $1,000
$2,926
66,500
$46 per $1,000
$3,059
66,500
$48 per $1,000
$3,192
66,500
$50 per $1,000
$3,325
66,500
$52 per $1,000
$3,458
66,500
$54 per $1,000
$3,591
66,500
$56 per $1,000
$3,724
66,500
$58 per $1,000
$3,857
66,500
$60 per $1,000
$3,990
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 $66,500, a rate of 40 mills would have property taxes of $2,660.
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.