Estimate Property Taxes on a 425k Home

Calculate property taxes on a 425,000 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 $170,000. However, the house is worth much more, and you pay $425,000. In this scenario, your new taxable value could be $425,000, and if the tax rate is 2%, the new tax bill could be $8,500/year even though the previous owner paid just $3,400.
Previous Owner New Owner
Taxable Value $170,000 $425,000
Tax Rate 2% 2%
Property Taxes $3,400 $8,500
Estimate Property Taxes on a 425,000 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
425,000 0.1% $425
425,000 0.2% $850
425,000 0.3% $1,275
425,000 0.4% $1,700
425,000 0.5% $2,125
425,000 0.6% $2,550
425,000 0.7% $2,975
425,000 0.8% $3,400
425,000 0.9% $3,825
425,000 1% $4,250
425,000 1.1% $4,675
425,000 1.2% $5,100
425,000 1.3% $5,525
425,000 1.4% $5,950
425,000 1.5% $6,375
425,000 1.6% $6,800
425,000 1.7% $7,225
425,000 1.8% $7,650
425,000 1.9% $8,075
425,000 2% $8,500
425,000 2.1% $8,925
425,000 2.2% $9,350
425,000 2.3% $9,775
425,000 2.4% $10,200
425,000 2.5% $10,625
425,000 2.6% $11,050
425,000 2.7% $11,475
425,000 2.8% $11,900
425,000 2.9% $12,325
425,000 3% $12,750
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
212,500 $2 per $1,000 $425
212,500 $4 per $1,000 $850
212,500 $6 per $1,000 $1,275
212,500 $8 per $1,000 $1,700
212,500 $10 per $1,000 $2,125
212,500 $12 per $1,000 $2,550
212,500 $14 per $1,000 $2,975
212,500 $16 per $1,000 $3,400
212,500 $18 per $1,000 $3,825
212,500 $20 per $1,000 $4,250
212,500 $22 per $1,000 $4,675
212,500 $24 per $1,000 $5,100
212,500 $26 per $1,000 $5,525
212,500 $28 per $1,000 $5,950
212,500 $30 per $1,000 $6,375
212,500 $32 per $1,000 $6,800
212,500 $34 per $1,000 $7,225
212,500 $36 per $1,000 $7,650
212,500 $38 per $1,000 $8,075
212,500 $40 per $1,000 $8,500
212,500 $42 per $1,000 $8,925
212,500 $44 per $1,000 $9,350
212,500 $46 per $1,000 $9,775
212,500 $48 per $1,000 $10,200
212,500 $50 per $1,000 $10,625
212,500 $52 per $1,000 $11,050
212,500 $54 per $1,000 $11,475
212,500 $56 per $1,000 $11,900
212,500 $58 per $1,000 $12,325
212,500 $60 per $1,000 $12,750
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 $212,500, a rate of 40 mills would have property taxes of $8,500.
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.
Browse by Value
Favorite Resources