Estimate Property Taxes on a 475k Home

Calculate property taxes on a 475,000 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 $190,000. However, the house is worth much more, and you pay $475,000. In this scenario, your new taxable value could be $475,000, and if the tax rate is 2%, the new tax bill could be $9,500/year even though the previous owner paid just $3,800.
Previous Owner New Owner
Taxable Value $190,000 $475,000
Tax Rate 2% 2%
Property Taxes $3,800 $9,500
Estimate Property Taxes on a 475,000 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
475,000 0.1% $475
475,000 0.2% $950
475,000 0.3% $1,425
475,000 0.4% $1,900
475,000 0.5% $2,375
475,000 0.6% $2,850
475,000 0.7% $3,325
475,000 0.8% $3,800
475,000 0.9% $4,275
475,000 1% $4,750
475,000 1.1% $5,225
475,000 1.2% $5,700
475,000 1.3% $6,175
475,000 1.4% $6,650
475,000 1.5% $7,125
475,000 1.6% $7,600
475,000 1.7% $8,075
475,000 1.8% $8,550
475,000 1.9% $9,025
475,000 2% $9,500
475,000 2.1% $9,975
475,000 2.2% $10,450
475,000 2.3% $10,925
475,000 2.4% $11,400
475,000 2.5% $11,875
475,000 2.6% $12,350
475,000 2.7% $12,825
475,000 2.8% $13,300
475,000 2.9% $13,775
475,000 3% $14,250
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
237,500 $2 per $1,000 $475
237,500 $4 per $1,000 $950
237,500 $6 per $1,000 $1,425
237,500 $8 per $1,000 $1,900
237,500 $10 per $1,000 $2,375
237,500 $12 per $1,000 $2,850
237,500 $14 per $1,000 $3,325
237,500 $16 per $1,000 $3,800
237,500 $18 per $1,000 $4,275
237,500 $20 per $1,000 $4,750
237,500 $22 per $1,000 $5,225
237,500 $24 per $1,000 $5,700
237,500 $26 per $1,000 $6,175
237,500 $28 per $1,000 $6,650
237,500 $30 per $1,000 $7,125
237,500 $32 per $1,000 $7,600
237,500 $34 per $1,000 $8,075
237,500 $36 per $1,000 $8,550
237,500 $38 per $1,000 $9,025
237,500 $40 per $1,000 $9,500
237,500 $42 per $1,000 $9,975
237,500 $44 per $1,000 $10,450
237,500 $46 per $1,000 $10,925
237,500 $48 per $1,000 $11,400
237,500 $50 per $1,000 $11,875
237,500 $52 per $1,000 $12,350
237,500 $54 per $1,000 $12,825
237,500 $56 per $1,000 $13,300
237,500 $58 per $1,000 $13,775
237,500 $60 per $1,000 $14,250
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 $237,500, a rate of 40 mills would have property taxes of $9,500.
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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