Estimate Property Taxes on a 575k Home

Calculate property taxes on a 575,000 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 $230,000. However, the house is worth much more, and you pay $575,000. In this scenario, your new taxable value could be $575,000, and if the tax rate is 2%, the new tax bill could be $11,500/year even though the previous owner paid just $4,600.
Previous Owner New Owner
Taxable Value $230,000 $575,000
Tax Rate 2% 2%
Property Taxes $4,600 $11,500
Estimate Property Taxes on a 575,000 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
575,000 0.1% $575
575,000 0.2% $1,150
575,000 0.3% $1,725
575,000 0.4% $2,300
575,000 0.5% $2,875
575,000 0.6% $3,450
575,000 0.7% $4,025
575,000 0.8% $4,600
575,000 0.9% $5,175
575,000 1% $5,750
575,000 1.1% $6,325
575,000 1.2% $6,900
575,000 1.3% $7,475
575,000 1.4% $8,050
575,000 1.5% $8,625
575,000 1.6% $9,200
575,000 1.7% $9,775
575,000 1.8% $10,350
575,000 1.9% $10,925
575,000 2% $11,500
575,000 2.1% $12,075
575,000 2.2% $12,650
575,000 2.3% $13,225
575,000 2.4% $13,800
575,000 2.5% $14,375
575,000 2.6% $14,950
575,000 2.7% $15,525
575,000 2.8% $16,100
575,000 2.9% $16,675
575,000 3% $17,250
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
287,500 $2 per $1,000 $575
287,500 $4 per $1,000 $1,150
287,500 $6 per $1,000 $1,725
287,500 $8 per $1,000 $2,300
287,500 $10 per $1,000 $2,875
287,500 $12 per $1,000 $3,450
287,500 $14 per $1,000 $4,025
287,500 $16 per $1,000 $4,600
287,500 $18 per $1,000 $5,175
287,500 $20 per $1,000 $5,750
287,500 $22 per $1,000 $6,325
287,500 $24 per $1,000 $6,900
287,500 $26 per $1,000 $7,475
287,500 $28 per $1,000 $8,050
287,500 $30 per $1,000 $8,625
287,500 $32 per $1,000 $9,200
287,500 $34 per $1,000 $9,775
287,500 $36 per $1,000 $10,350
287,500 $38 per $1,000 $10,925
287,500 $40 per $1,000 $11,500
287,500 $42 per $1,000 $12,075
287,500 $44 per $1,000 $12,650
287,500 $46 per $1,000 $13,225
287,500 $48 per $1,000 $13,800
287,500 $50 per $1,000 $14,375
287,500 $52 per $1,000 $14,950
287,500 $54 per $1,000 $15,525
287,500 $56 per $1,000 $16,100
287,500 $58 per $1,000 $16,675
287,500 $60 per $1,000 $17,250
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 $287,500, a rate of 40 mills would have property taxes of $11,500.
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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