### Estimate Property Taxes on a 54k Home

Calculate property taxes on a 54,000 home purchase.
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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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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