Estimate Property Taxes on a 225k Home

Calculate property taxes on a 225,000 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 $90,000. However, the house is worth much more, and you pay $225,000. In this scenario, your new taxable value could be $225,000, and if the tax rate is 2%, the new tax bill could be $4,500/year even though the previous owner paid just $1,800.
Previous Owner New Owner
Taxable Value $90,000 $225,000
Tax Rate 2% 2%
Property Taxes $1,800 $4,500
Estimate Property Taxes on a 225,000 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
225,000 0.1% $225
225,000 0.2% $450
225,000 0.3% $675
225,000 0.4% $900
225,000 0.5% $1,125
225,000 0.6% $1,350
225,000 0.7% $1,575
225,000 0.8% $1,800
225,000 0.9% $2,025
225,000 1% $2,250
225,000 1.1% $2,475
225,000 1.2% $2,700
225,000 1.3% $2,925
225,000 1.4% $3,150
225,000 1.5% $3,375
225,000 1.6% $3,600
225,000 1.7% $3,825
225,000 1.8% $4,050
225,000 1.9% $4,275
225,000 2% $4,500
225,000 2.1% $4,725
225,000 2.2% $4,950
225,000 2.3% $5,175
225,000 2.4% $5,400
225,000 2.5% $5,625
225,000 2.6% $5,850
225,000 2.7% $6,075
225,000 2.8% $6,300
225,000 2.9% $6,525
225,000 3% $6,750
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
112,500 $2 per $1,000 $225
112,500 $4 per $1,000 $450
112,500 $6 per $1,000 $675
112,500 $8 per $1,000 $900
112,500 $10 per $1,000 $1,125
112,500 $12 per $1,000 $1,350
112,500 $14 per $1,000 $1,575
112,500 $16 per $1,000 $1,800
112,500 $18 per $1,000 $2,025
112,500 $20 per $1,000 $2,250
112,500 $22 per $1,000 $2,475
112,500 $24 per $1,000 $2,700
112,500 $26 per $1,000 $2,925
112,500 $28 per $1,000 $3,150
112,500 $30 per $1,000 $3,375
112,500 $32 per $1,000 $3,600
112,500 $34 per $1,000 $3,825
112,500 $36 per $1,000 $4,050
112,500 $38 per $1,000 $4,275
112,500 $40 per $1,000 $4,500
112,500 $42 per $1,000 $4,725
112,500 $44 per $1,000 $4,950
112,500 $46 per $1,000 $5,175
112,500 $48 per $1,000 $5,400
112,500 $50 per $1,000 $5,625
112,500 $52 per $1,000 $5,850
112,500 $54 per $1,000 $6,075
112,500 $56 per $1,000 $6,300
112,500 $58 per $1,000 $6,525
112,500 $60 per $1,000 $6,750
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 $112,500, a rate of 40 mills would have property taxes of $4,500.
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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