Estimate Property Taxes on a 350k Home

Calculate property taxes on a 350,000 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 $140,000. However, the house is worth much more, and you pay $350,000. In this scenario, your new taxable value could be $350,000, and if the tax rate is 2%, the new tax bill could be $7,000/year even though the previous owner paid just $2,800.
Previous Owner New Owner
Taxable Value $140,000 $350,000
Tax Rate 2% 2%
Property Taxes $2,800 $7,000
Estimate Property Taxes on a 350,000 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
350,000 0.1% $350
350,000 0.2% $700
350,000 0.3% $1,050
350,000 0.4% $1,400
350,000 0.5% $1,750
350,000 0.6% $2,100
350,000 0.7% $2,450
350,000 0.8% $2,800
350,000 0.9% $3,150
350,000 1% $3,500
350,000 1.1% $3,850
350,000 1.2% $4,200
350,000 1.3% $4,550
350,000 1.4% $4,900
350,000 1.5% $5,250
350,000 1.6% $5,600
350,000 1.7% $5,950
350,000 1.8% $6,300
350,000 1.9% $6,650
350,000 2% $7,000
350,000 2.1% $7,350
350,000 2.2% $7,700
350,000 2.3% $8,050
350,000 2.4% $8,400
350,000 2.5% $8,750
350,000 2.6% $9,100
350,000 2.7% $9,450
350,000 2.8% $9,800
350,000 2.9% $10,150
350,000 3% $10,500
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
175,000 $2 per $1,000 $350
175,000 $4 per $1,000 $700
175,000 $6 per $1,000 $1,050
175,000 $8 per $1,000 $1,400
175,000 $10 per $1,000 $1,750
175,000 $12 per $1,000 $2,100
175,000 $14 per $1,000 $2,450
175,000 $16 per $1,000 $2,800
175,000 $18 per $1,000 $3,150
175,000 $20 per $1,000 $3,500
175,000 $22 per $1,000 $3,850
175,000 $24 per $1,000 $4,200
175,000 $26 per $1,000 $4,550
175,000 $28 per $1,000 $4,900
175,000 $30 per $1,000 $5,250
175,000 $32 per $1,000 $5,600
175,000 $34 per $1,000 $5,950
175,000 $36 per $1,000 $6,300
175,000 $38 per $1,000 $6,650
175,000 $40 per $1,000 $7,000
175,000 $42 per $1,000 $7,350
175,000 $44 per $1,000 $7,700
175,000 $46 per $1,000 $8,050
175,000 $48 per $1,000 $8,400
175,000 $50 per $1,000 $8,750
175,000 $52 per $1,000 $9,100
175,000 $54 per $1,000 $9,450
175,000 $56 per $1,000 $9,800
175,000 $58 per $1,000 $10,150
175,000 $60 per $1,000 $10,500
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 $175,000, a rate of 40 mills would have property taxes of $7,000.
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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