Estimate Property Taxes on a 54k Home

Calculate property taxes on a 54,000 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 $21,600. However, the house is worth much more, and you pay $54,000. In this scenario, your new taxable value could be $54,000, and if the tax rate is 2%, the new tax bill could be $1,080/year even though the previous owner paid just $432.
Previous Owner New Owner
Taxable Value $21,600 $54,000
Tax Rate 2% 2%
Property Taxes $432 $1,080
Estimate Property Taxes on a 54,000 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
54,000 0.1% $54
54,000 0.2% $108
54,000 0.3% $162
54,000 0.4% $216
54,000 0.5% $270
54,000 0.6% $324
54,000 0.7% $378
54,000 0.8% $432
54,000 0.9% $486
54,000 1% $540
54,000 1.1% $594
54,000 1.2% $648
54,000 1.3% $702
54,000 1.4% $756
54,000 1.5% $810
54,000 1.6% $864
54,000 1.7% $918
54,000 1.8% $972
54,000 1.9% $1,026
54,000 2% $1,080
54,000 2.1% $1,134
54,000 2.2% $1,188
54,000 2.3% $1,242
54,000 2.4% $1,296
54,000 2.5% $1,350
54,000 2.6% $1,404
54,000 2.7% $1,458
54,000 2.8% $1,512
54,000 2.9% $1,566
54,000 3% $1,620
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
27,000 $2 per $1,000 $54
27,000 $4 per $1,000 $108
27,000 $6 per $1,000 $162
27,000 $8 per $1,000 $216
27,000 $10 per $1,000 $270
27,000 $12 per $1,000 $324
27,000 $14 per $1,000 $378
27,000 $16 per $1,000 $432
27,000 $18 per $1,000 $486
27,000 $20 per $1,000 $540
27,000 $22 per $1,000 $594
27,000 $24 per $1,000 $648
27,000 $26 per $1,000 $702
27,000 $28 per $1,000 $756
27,000 $30 per $1,000 $810
27,000 $32 per $1,000 $864
27,000 $34 per $1,000 $918
27,000 $36 per $1,000 $972
27,000 $38 per $1,000 $1,026
27,000 $40 per $1,000 $1,080
27,000 $42 per $1,000 $1,134
27,000 $44 per $1,000 $1,188
27,000 $46 per $1,000 $1,242
27,000 $48 per $1,000 $1,296
27,000 $50 per $1,000 $1,350
27,000 $52 per $1,000 $1,404
27,000 $54 per $1,000 $1,458
27,000 $56 per $1,000 $1,512
27,000 $58 per $1,000 $1,566
27,000 $60 per $1,000 $1,620
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 $27,000, a rate of 40 mills would have property taxes of $1,080.
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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