Calculate property taxes on a 144,000 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 $57,600. However, the house is worth much more, and you pay $144,000. In this scenario, your new taxable value could be $144,000, and if the tax rate is 2%, the new tax bill could be $2,880/year even though the previous owner paid just $1,152.
Previous Owner
New Owner
Taxable Value
$57,600
$144,000
Tax Rate
2%
2%
Property Taxes
$1,152
$2,880
Estimate Property Taxes on a 144,000 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
144,000
0.1%
$144
144,000
0.2%
$288
144,000
0.3%
$432
144,000
0.4%
$576
144,000
0.5%
$720
144,000
0.6%
$864
144,000
0.7%
$1,008
144,000
0.8%
$1,152
144,000
0.9%
$1,296
144,000
1%
$1,440
144,000
1.1%
$1,584
144,000
1.2%
$1,728
144,000
1.3%
$1,872
144,000
1.4%
$2,016
144,000
1.5%
$2,160
144,000
1.6%
$2,304
144,000
1.7%
$2,448
144,000
1.8%
$2,592
144,000
1.9%
$2,736
144,000
2%
$2,880
144,000
2.1%
$3,024
144,000
2.2%
$3,168
144,000
2.3%
$3,312
144,000
2.4%
$3,456
144,000
2.5%
$3,600
144,000
2.6%
$3,744
144,000
2.7%
$3,888
144,000
2.8%
$4,032
144,000
2.9%
$4,176
144,000
3%
$4,320
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
72,000
$2 per $1,000
$144
72,000
$4 per $1,000
$288
72,000
$6 per $1,000
$432
72,000
$8 per $1,000
$576
72,000
$10 per $1,000
$720
72,000
$12 per $1,000
$864
72,000
$14 per $1,000
$1,008
72,000
$16 per $1,000
$1,152
72,000
$18 per $1,000
$1,296
72,000
$20 per $1,000
$1,440
72,000
$22 per $1,000
$1,584
72,000
$24 per $1,000
$1,728
72,000
$26 per $1,000
$1,872
72,000
$28 per $1,000
$2,016
72,000
$30 per $1,000
$2,160
72,000
$32 per $1,000
$2,304
72,000
$34 per $1,000
$2,448
72,000
$36 per $1,000
$2,592
72,000
$38 per $1,000
$2,736
72,000
$40 per $1,000
$2,880
72,000
$42 per $1,000
$3,024
72,000
$44 per $1,000
$3,168
72,000
$46 per $1,000
$3,312
72,000
$48 per $1,000
$3,456
72,000
$50 per $1,000
$3,600
72,000
$52 per $1,000
$3,744
72,000
$54 per $1,000
$3,888
72,000
$56 per $1,000
$4,032
72,000
$58 per $1,000
$4,176
72,000
$60 per $1,000
$4,320
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 $72,000, a rate of 40 mills would have property taxes of $2,880.
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.