Estimate Property Taxes on a 525k Home

Calculate property taxes on a 525,000 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 $210,000. However, the house is worth much more, and you pay $525,000. In this scenario, your new taxable value could be $525,000, and if the tax rate is 2%, the new tax bill could be $10,500/year even though the previous owner paid just $4,200.
Previous Owner New Owner
Taxable Value $210,000 $525,000
Tax Rate 2% 2%
Property Taxes $4,200 $10,500
Estimate Property Taxes on a 525,000 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
525,000 0.1% $525
525,000 0.2% $1,050
525,000 0.3% $1,575
525,000 0.4% $2,100
525,000 0.5% $2,625
525,000 0.6% $3,150
525,000 0.7% $3,675
525,000 0.8% $4,200
525,000 0.9% $4,725
525,000 1% $5,250
525,000 1.1% $5,775
525,000 1.2% $6,300
525,000 1.3% $6,825
525,000 1.4% $7,350
525,000 1.5% $7,875
525,000 1.6% $8,400
525,000 1.7% $8,925
525,000 1.8% $9,450
525,000 1.9% $9,975
525,000 2% $10,500
525,000 2.1% $11,025
525,000 2.2% $11,550
525,000 2.3% $12,075
525,000 2.4% $12,600
525,000 2.5% $13,125
525,000 2.6% $13,650
525,000 2.7% $14,175
525,000 2.8% $14,700
525,000 2.9% $15,225
525,000 3% $15,750
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
262,500 $2 per $1,000 $525
262,500 $4 per $1,000 $1,050
262,500 $6 per $1,000 $1,575
262,500 $8 per $1,000 $2,100
262,500 $10 per $1,000 $2,625
262,500 $12 per $1,000 $3,150
262,500 $14 per $1,000 $3,675
262,500 $16 per $1,000 $4,200
262,500 $18 per $1,000 $4,725
262,500 $20 per $1,000 $5,250
262,500 $22 per $1,000 $5,775
262,500 $24 per $1,000 $6,300
262,500 $26 per $1,000 $6,825
262,500 $28 per $1,000 $7,350
262,500 $30 per $1,000 $7,875
262,500 $32 per $1,000 $8,400
262,500 $34 per $1,000 $8,925
262,500 $36 per $1,000 $9,450
262,500 $38 per $1,000 $9,975
262,500 $40 per $1,000 $10,500
262,500 $42 per $1,000 $11,025
262,500 $44 per $1,000 $11,550
262,500 $46 per $1,000 $12,075
262,500 $48 per $1,000 $12,600
262,500 $50 per $1,000 $13,125
262,500 $52 per $1,000 $13,650
262,500 $54 per $1,000 $14,175
262,500 $56 per $1,000 $14,700
262,500 $58 per $1,000 $15,225
262,500 $60 per $1,000 $15,750
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 $262,500, a rate of 40 mills would have property taxes of $10,500.
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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