Calculate property taxes on a 153,000 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 $61,200. However, the house is worth much more, and you pay $153,000. In this scenario, your new taxable value could be $153,000, and if the tax rate is 2%, the new tax bill could be $3,060/year even though the previous owner paid just $1,224.
Previous Owner
New Owner
Taxable Value
$61,200
$153,000
Tax Rate
2%
2%
Property Taxes
$1,224
$3,060
Estimate Property Taxes on a 153,000 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
153,000
0.1%
$153
153,000
0.2%
$306
153,000
0.3%
$459
153,000
0.4%
$612
153,000
0.5%
$765
153,000
0.6%
$918
153,000
0.7%
$1,071
153,000
0.8%
$1,224
153,000
0.9%
$1,377
153,000
1%
$1,530
153,000
1.1%
$1,683
153,000
1.2%
$1,836
153,000
1.3%
$1,989
153,000
1.4%
$2,142
153,000
1.5%
$2,295
153,000
1.6%
$2,448
153,000
1.7%
$2,601
153,000
1.8%
$2,754
153,000
1.9%
$2,907
153,000
2%
$3,060
153,000
2.1%
$3,213
153,000
2.2%
$3,366
153,000
2.3%
$3,519
153,000
2.4%
$3,672
153,000
2.5%
$3,825
153,000
2.6%
$3,978
153,000
2.7%
$4,131
153,000
2.8%
$4,284
153,000
2.9%
$4,437
153,000
3%
$4,590
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
76,500
$2 per $1,000
$153
76,500
$4 per $1,000
$306
76,500
$6 per $1,000
$459
76,500
$8 per $1,000
$612
76,500
$10 per $1,000
$765
76,500
$12 per $1,000
$918
76,500
$14 per $1,000
$1,071
76,500
$16 per $1,000
$1,224
76,500
$18 per $1,000
$1,377
76,500
$20 per $1,000
$1,530
76,500
$22 per $1,000
$1,683
76,500
$24 per $1,000
$1,836
76,500
$26 per $1,000
$1,989
76,500
$28 per $1,000
$2,142
76,500
$30 per $1,000
$2,295
76,500
$32 per $1,000
$2,448
76,500
$34 per $1,000
$2,601
76,500
$36 per $1,000
$2,754
76,500
$38 per $1,000
$2,907
76,500
$40 per $1,000
$3,060
76,500
$42 per $1,000
$3,213
76,500
$44 per $1,000
$3,366
76,500
$46 per $1,000
$3,519
76,500
$48 per $1,000
$3,672
76,500
$50 per $1,000
$3,825
76,500
$52 per $1,000
$3,978
76,500
$54 per $1,000
$4,131
76,500
$56 per $1,000
$4,284
76,500
$58 per $1,000
$4,437
76,500
$60 per $1,000
$4,590
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 $76,500, a rate of 40 mills would have property taxes of $3,060.
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.