Calculate property taxes on a 136,000 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 $54,400. However, the house is worth much more, and you pay $136,000. In this scenario, your new taxable value could be $136,000, and if the tax rate is 2%, the new tax bill could be $2,720/year even though the previous owner paid just $1,088.
Previous Owner
New Owner
Taxable Value
$54,400
$136,000
Tax Rate
2%
2%
Property Taxes
$1,088
$2,720
Estimate Property Taxes on a 136,000 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
136,000
0.1%
$136
136,000
0.2%
$272
136,000
0.3%
$408
136,000
0.4%
$544
136,000
0.5%
$680
136,000
0.6%
$816
136,000
0.7%
$952
136,000
0.8%
$1,088
136,000
0.9%
$1,224
136,000
1%
$1,360
136,000
1.1%
$1,496
136,000
1.2%
$1,632
136,000
1.3%
$1,768
136,000
1.4%
$1,904
136,000
1.5%
$2,040
136,000
1.6%
$2,176
136,000
1.7%
$2,312
136,000
1.8%
$2,448
136,000
1.9%
$2,584
136,000
2%
$2,720
136,000
2.1%
$2,856
136,000
2.2%
$2,992
136,000
2.3%
$3,128
136,000
2.4%
$3,264
136,000
2.5%
$3,400
136,000
2.6%
$3,536
136,000
2.7%
$3,672
136,000
2.8%
$3,808
136,000
2.9%
$3,944
136,000
3%
$4,080
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
68,000
$2 per $1,000
$136
68,000
$4 per $1,000
$272
68,000
$6 per $1,000
$408
68,000
$8 per $1,000
$544
68,000
$10 per $1,000
$680
68,000
$12 per $1,000
$816
68,000
$14 per $1,000
$952
68,000
$16 per $1,000
$1,088
68,000
$18 per $1,000
$1,224
68,000
$20 per $1,000
$1,360
68,000
$22 per $1,000
$1,496
68,000
$24 per $1,000
$1,632
68,000
$26 per $1,000
$1,768
68,000
$28 per $1,000
$1,904
68,000
$30 per $1,000
$2,040
68,000
$32 per $1,000
$2,176
68,000
$34 per $1,000
$2,312
68,000
$36 per $1,000
$2,448
68,000
$38 per $1,000
$2,584
68,000
$40 per $1,000
$2,720
68,000
$42 per $1,000
$2,856
68,000
$44 per $1,000
$2,992
68,000
$46 per $1,000
$3,128
68,000
$48 per $1,000
$3,264
68,000
$50 per $1,000
$3,400
68,000
$52 per $1,000
$3,536
68,000
$54 per $1,000
$3,672
68,000
$56 per $1,000
$3,808
68,000
$58 per $1,000
$3,944
68,000
$60 per $1,000
$4,080
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 $68,000, a rate of 40 mills would have property taxes of $2,720.
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.