Calculate property taxes on a 134,000 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 $53,600. However, the house is worth much more, and you pay $134,000. In this scenario, your new taxable value could be $134,000, and if the tax rate is 2%, the new tax bill could be $2,680/year even though the previous owner paid just $1,072.
Previous Owner
New Owner
Taxable Value
$53,600
$134,000
Tax Rate
2%
2%
Property Taxes
$1,072
$2,680
Estimate Property Taxes on a 134,000 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
134,000
0.1%
$134
134,000
0.2%
$268
134,000
0.3%
$402
134,000
0.4%
$536
134,000
0.5%
$670
134,000
0.6%
$804
134,000
0.7%
$938
134,000
0.8%
$1,072
134,000
0.9%
$1,206
134,000
1%
$1,340
134,000
1.1%
$1,474
134,000
1.2%
$1,608
134,000
1.3%
$1,742
134,000
1.4%
$1,876
134,000
1.5%
$2,010
134,000
1.6%
$2,144
134,000
1.7%
$2,278
134,000
1.8%
$2,412
134,000
1.9%
$2,546
134,000
2%
$2,680
134,000
2.1%
$2,814
134,000
2.2%
$2,948
134,000
2.3%
$3,082
134,000
2.4%
$3,216
134,000
2.5%
$3,350
134,000
2.6%
$3,484
134,000
2.7%
$3,618
134,000
2.8%
$3,752
134,000
2.9%
$3,886
134,000
3%
$4,020
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
67,000
$2 per $1,000
$134
67,000
$4 per $1,000
$268
67,000
$6 per $1,000
$402
67,000
$8 per $1,000
$536
67,000
$10 per $1,000
$670
67,000
$12 per $1,000
$804
67,000
$14 per $1,000
$938
67,000
$16 per $1,000
$1,072
67,000
$18 per $1,000
$1,206
67,000
$20 per $1,000
$1,340
67,000
$22 per $1,000
$1,474
67,000
$24 per $1,000
$1,608
67,000
$26 per $1,000
$1,742
67,000
$28 per $1,000
$1,876
67,000
$30 per $1,000
$2,010
67,000
$32 per $1,000
$2,144
67,000
$34 per $1,000
$2,278
67,000
$36 per $1,000
$2,412
67,000
$38 per $1,000
$2,546
67,000
$40 per $1,000
$2,680
67,000
$42 per $1,000
$2,814
67,000
$44 per $1,000
$2,948
67,000
$46 per $1,000
$3,082
67,000
$48 per $1,000
$3,216
67,000
$50 per $1,000
$3,350
67,000
$52 per $1,000
$3,484
67,000
$54 per $1,000
$3,618
67,000
$56 per $1,000
$3,752
67,000
$58 per $1,000
$3,886
67,000
$60 per $1,000
$4,020
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 $67,000, a rate of 40 mills would have property taxes of $2,680.
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.