Calculate property taxes on a 157,000 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 $62,800. However, the house is worth much more, and you pay $157,000. In this scenario, your new taxable value could be $157,000, and if the tax rate is 2%, the new tax bill could be $3,140/year even though the previous owner paid just $1,256.
Previous Owner
New Owner
Taxable Value
$62,800
$157,000
Tax Rate
2%
2%
Property Taxes
$1,256
$3,140
Estimate Property Taxes on a 157,000 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
157,000
0.1%
$157
157,000
0.2%
$314
157,000
0.3%
$471
157,000
0.4%
$628
157,000
0.5%
$785
157,000
0.6%
$942
157,000
0.7%
$1,099
157,000
0.8%
$1,256
157,000
0.9%
$1,413
157,000
1%
$1,570
157,000
1.1%
$1,727
157,000
1.2%
$1,884
157,000
1.3%
$2,041
157,000
1.4%
$2,198
157,000
1.5%
$2,355
157,000
1.6%
$2,512
157,000
1.7%
$2,669
157,000
1.8%
$2,826
157,000
1.9%
$2,983
157,000
2%
$3,140
157,000
2.1%
$3,297
157,000
2.2%
$3,454
157,000
2.3%
$3,611
157,000
2.4%
$3,768
157,000
2.5%
$3,925
157,000
2.6%
$4,082
157,000
2.7%
$4,239
157,000
2.8%
$4,396
157,000
2.9%
$4,553
157,000
3%
$4,710
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
78,500
$2 per $1,000
$157
78,500
$4 per $1,000
$314
78,500
$6 per $1,000
$471
78,500
$8 per $1,000
$628
78,500
$10 per $1,000
$785
78,500
$12 per $1,000
$942
78,500
$14 per $1,000
$1,099
78,500
$16 per $1,000
$1,256
78,500
$18 per $1,000
$1,413
78,500
$20 per $1,000
$1,570
78,500
$22 per $1,000
$1,727
78,500
$24 per $1,000
$1,884
78,500
$26 per $1,000
$2,041
78,500
$28 per $1,000
$2,198
78,500
$30 per $1,000
$2,355
78,500
$32 per $1,000
$2,512
78,500
$34 per $1,000
$2,669
78,500
$36 per $1,000
$2,826
78,500
$38 per $1,000
$2,983
78,500
$40 per $1,000
$3,140
78,500
$42 per $1,000
$3,297
78,500
$44 per $1,000
$3,454
78,500
$46 per $1,000
$3,611
78,500
$48 per $1,000
$3,768
78,500
$50 per $1,000
$3,925
78,500
$52 per $1,000
$4,082
78,500
$54 per $1,000
$4,239
78,500
$56 per $1,000
$4,396
78,500
$58 per $1,000
$4,553
78,500
$60 per $1,000
$4,710
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 $78,500, a rate of 40 mills would have property taxes of $3,140.
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.