Calculate property taxes on a 145,000 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 $58,000. However, the house is worth much more, and you pay $145,000. In this scenario, your new taxable value could be $145,000, and if the tax rate is 2%, the new tax bill could be $2,900/year even though the previous owner paid just $1,160.
Previous Owner
New Owner
Taxable Value
$58,000
$145,000
Tax Rate
2%
2%
Property Taxes
$1,160
$2,900
Estimate Property Taxes on a 145,000 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
145,000
0.1%
$145
145,000
0.2%
$290
145,000
0.3%
$435
145,000
0.4%
$580
145,000
0.5%
$725
145,000
0.6%
$870
145,000
0.7%
$1,015
145,000
0.8%
$1,160
145,000
0.9%
$1,305
145,000
1%
$1,450
145,000
1.1%
$1,595
145,000
1.2%
$1,740
145,000
1.3%
$1,885
145,000
1.4%
$2,030
145,000
1.5%
$2,175
145,000
1.6%
$2,320
145,000
1.7%
$2,465
145,000
1.8%
$2,610
145,000
1.9%
$2,755
145,000
2%
$2,900
145,000
2.1%
$3,045
145,000
2.2%
$3,190
145,000
2.3%
$3,335
145,000
2.4%
$3,480
145,000
2.5%
$3,625
145,000
2.6%
$3,770
145,000
2.7%
$3,915
145,000
2.8%
$4,060
145,000
2.9%
$4,205
145,000
3%
$4,350
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
72,500
$2 per $1,000
$145
72,500
$4 per $1,000
$290
72,500
$6 per $1,000
$435
72,500
$8 per $1,000
$580
72,500
$10 per $1,000
$725
72,500
$12 per $1,000
$870
72,500
$14 per $1,000
$1,015
72,500
$16 per $1,000
$1,160
72,500
$18 per $1,000
$1,305
72,500
$20 per $1,000
$1,450
72,500
$22 per $1,000
$1,595
72,500
$24 per $1,000
$1,740
72,500
$26 per $1,000
$1,885
72,500
$28 per $1,000
$2,030
72,500
$30 per $1,000
$2,175
72,500
$32 per $1,000
$2,320
72,500
$34 per $1,000
$2,465
72,500
$36 per $1,000
$2,610
72,500
$38 per $1,000
$2,755
72,500
$40 per $1,000
$2,900
72,500
$42 per $1,000
$3,045
72,500
$44 per $1,000
$3,190
72,500
$46 per $1,000
$3,335
72,500
$48 per $1,000
$3,480
72,500
$50 per $1,000
$3,625
72,500
$52 per $1,000
$3,770
72,500
$54 per $1,000
$3,915
72,500
$56 per $1,000
$4,060
72,500
$58 per $1,000
$4,205
72,500
$60 per $1,000
$4,350
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 $72,500, a rate of 40 mills would have property taxes of $2,900.
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.