Estimate Property Taxes on a 275k Home

Calculate property taxes on a 275,000 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 $110,000. However, the house is worth much more, and you pay $275,000. In this scenario, your new taxable value could be $275,000, and if the tax rate is 2%, the new tax bill could be $5,500/year even though the previous owner paid just $2,200.
Previous Owner New Owner
Taxable Value $110,000 $275,000
Tax Rate 2% 2%
Property Taxes $2,200 $5,500
Estimate Property Taxes on a 275,000 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
275,000 0.1% $275
275,000 0.2% $550
275,000 0.3% $825
275,000 0.4% $1,100
275,000 0.5% $1,375
275,000 0.6% $1,650
275,000 0.7% $1,925
275,000 0.8% $2,200
275,000 0.9% $2,475
275,000 1% $2,750
275,000 1.1% $3,025
275,000 1.2% $3,300
275,000 1.3% $3,575
275,000 1.4% $3,850
275,000 1.5% $4,125
275,000 1.6% $4,400
275,000 1.7% $4,675
275,000 1.8% $4,950
275,000 1.9% $5,225
275,000 2% $5,500
275,000 2.1% $5,775
275,000 2.2% $6,050
275,000 2.3% $6,325
275,000 2.4% $6,600
275,000 2.5% $6,875
275,000 2.6% $7,150
275,000 2.7% $7,425
275,000 2.8% $7,700
275,000 2.9% $7,975
275,000 3% $8,250
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
137,500 $2 per $1,000 $275
137,500 $4 per $1,000 $550
137,500 $6 per $1,000 $825
137,500 $8 per $1,000 $1,100
137,500 $10 per $1,000 $1,375
137,500 $12 per $1,000 $1,650
137,500 $14 per $1,000 $1,925
137,500 $16 per $1,000 $2,200
137,500 $18 per $1,000 $2,475
137,500 $20 per $1,000 $2,750
137,500 $22 per $1,000 $3,025
137,500 $24 per $1,000 $3,300
137,500 $26 per $1,000 $3,575
137,500 $28 per $1,000 $3,850
137,500 $30 per $1,000 $4,125
137,500 $32 per $1,000 $4,400
137,500 $34 per $1,000 $4,675
137,500 $36 per $1,000 $4,950
137,500 $38 per $1,000 $5,225
137,500 $40 per $1,000 $5,500
137,500 $42 per $1,000 $5,775
137,500 $44 per $1,000 $6,050
137,500 $46 per $1,000 $6,325
137,500 $48 per $1,000 $6,600
137,500 $50 per $1,000 $6,875
137,500 $52 per $1,000 $7,150
137,500 $54 per $1,000 $7,425
137,500 $56 per $1,000 $7,700
137,500 $58 per $1,000 $7,975
137,500 $60 per $1,000 $8,250
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 $137,500, a rate of 40 mills would have property taxes of $5,500.
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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