Estimate Property Taxes on a 150k Home

Calculate property taxes on a 150,000 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 $60,000. However, the house is worth much more, and you pay $150,000. In this scenario, your new taxable value could be $150,000, and if the tax rate is 2%, the new tax bill could be $3,000/year even though the previous owner paid just $1,200.
Previous Owner New Owner
Taxable Value $60,000 $150,000
Tax Rate 2% 2%
Property Taxes $1,200 $3,000
Estimate Property Taxes on a 150,000 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.
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Property Taxes
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Property Taxes
Taxes Using 100% Value
Value Tax Rate Property Taxes
150,000 0.1% $150
150,000 0.2% $300
150,000 0.3% $450
150,000 0.4% $600
150,000 0.5% $750
150,000 0.6% $900
150,000 0.7% $1,050
150,000 0.8% $1,200
150,000 0.9% $1,350
150,000 1% $1,500
150,000 1.1% $1,650
150,000 1.2% $1,800
150,000 1.3% $1,950
150,000 1.4% $2,100
150,000 1.5% $2,250
150,000 1.6% $2,400
150,000 1.7% $2,550
150,000 1.8% $2,700
150,000 1.9% $2,850
150,000 2% $3,000
150,000 2.1% $3,150
150,000 2.2% $3,300
150,000 2.3% $3,450
150,000 2.4% $3,600
150,000 2.5% $3,750
150,000 2.6% $3,900
150,000 2.7% $4,050
150,000 2.8% $4,200
150,000 2.9% $4,350
150,000 3% $4,500
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
75,000 $2 per $1,000 $150
75,000 $4 per $1,000 $300
75,000 $6 per $1,000 $450
75,000 $8 per $1,000 $600
75,000 $10 per $1,000 $750
75,000 $12 per $1,000 $900
75,000 $14 per $1,000 $1,050
75,000 $16 per $1,000 $1,200
75,000 $18 per $1,000 $1,350
75,000 $20 per $1,000 $1,500
75,000 $22 per $1,000 $1,650
75,000 $24 per $1,000 $1,800
75,000 $26 per $1,000 $1,950
75,000 $28 per $1,000 $2,100
75,000 $30 per $1,000 $2,250
75,000 $32 per $1,000 $2,400
75,000 $34 per $1,000 $2,550
75,000 $36 per $1,000 $2,700
75,000 $38 per $1,000 $2,850
75,000 $40 per $1,000 $3,000
75,000 $42 per $1,000 $3,150
75,000 $44 per $1,000 $3,300
75,000 $46 per $1,000 $3,450
75,000 $48 per $1,000 $3,600
75,000 $50 per $1,000 $3,750
75,000 $52 per $1,000 $3,900
75,000 $54 per $1,000 $4,050
75,000 $56 per $1,000 $4,200
75,000 $58 per $1,000 $4,350
75,000 $60 per $1,000 $4,500
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 $75,000, a rate of 40 mills would have property taxes of $3,000.
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.
Mills or Millage Rate Expressed as dollars per $1,000 of taxable value.
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