Calculate property taxes on a 158,000 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 $63,200. However, the house is worth much more, and you pay $158,000. In this scenario, your new taxable value could be $158,000, and if the tax rate is 2%, the new tax bill could be $3,160/year even though the previous owner paid just $1,264.
Previous Owner
New Owner
Taxable Value
$63,200
$158,000
Tax Rate
2%
2%
Property Taxes
$1,264
$3,160
Estimate Property Taxes on a 158,000 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
158,000
0.1%
$158
158,000
0.2%
$316
158,000
0.3%
$474
158,000
0.4%
$632
158,000
0.5%
$790
158,000
0.6%
$948
158,000
0.7%
$1,106
158,000
0.8%
$1,264
158,000
0.9%
$1,422
158,000
1%
$1,580
158,000
1.1%
$1,738
158,000
1.2%
$1,896
158,000
1.3%
$2,054
158,000
1.4%
$2,212
158,000
1.5%
$2,370
158,000
1.6%
$2,528
158,000
1.7%
$2,686
158,000
1.8%
$2,844
158,000
1.9%
$3,002
158,000
2%
$3,160
158,000
2.1%
$3,318
158,000
2.2%
$3,476
158,000
2.3%
$3,634
158,000
2.4%
$3,792
158,000
2.5%
$3,950
158,000
2.6%
$4,108
158,000
2.7%
$4,266
158,000
2.8%
$4,424
158,000
2.9%
$4,582
158,000
3%
$4,740
Taxes Using 50% Value and Mills
Taxable Value
Millage Rate (per $1,000)
Property Taxes
79,000
$2 per $1,000
$158
79,000
$4 per $1,000
$316
79,000
$6 per $1,000
$474
79,000
$8 per $1,000
$632
79,000
$10 per $1,000
$790
79,000
$12 per $1,000
$948
79,000
$14 per $1,000
$1,106
79,000
$16 per $1,000
$1,264
79,000
$18 per $1,000
$1,422
79,000
$20 per $1,000
$1,580
79,000
$22 per $1,000
$1,738
79,000
$24 per $1,000
$1,896
79,000
$26 per $1,000
$2,054
79,000
$28 per $1,000
$2,212
79,000
$30 per $1,000
$2,370
79,000
$32 per $1,000
$2,528
79,000
$34 per $1,000
$2,686
79,000
$36 per $1,000
$2,844
79,000
$38 per $1,000
$3,002
79,000
$40 per $1,000
$3,160
79,000
$42 per $1,000
$3,318
79,000
$44 per $1,000
$3,476
79,000
$46 per $1,000
$3,634
79,000
$48 per $1,000
$3,792
79,000
$50 per $1,000
$3,950
79,000
$52 per $1,000
$4,108
79,000
$54 per $1,000
$4,266
79,000
$56 per $1,000
$4,424
79,000
$58 per $1,000
$4,582
79,000
$60 per $1,000
$4,740
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 $79,000, a rate of 40 mills would have property taxes of $3,160.
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.