Estimate Property Taxes on a 63k Home

Calculate property taxes on a 63,000 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 $25,200. However, the house is worth much more, and you pay $63,000. In this scenario, your new taxable value could be $63,000, and if the tax rate is 2%, the new tax bill could be $1,260/year even though the previous owner paid just $504.
Previous Owner New Owner
Taxable Value $25,200 $63,000
Tax Rate 2% 2%
Property Taxes $504 $1,260
Estimate Property Taxes on a 63,000 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
63,000 0.1% $63
63,000 0.2% $126
63,000 0.3% $189
63,000 0.4% $252
63,000 0.5% $315
63,000 0.6% $378
63,000 0.7% $441
63,000 0.8% $504
63,000 0.9% $567
63,000 1% $630
63,000 1.1% $693
63,000 1.2% $756
63,000 1.3% $819
63,000 1.4% $882
63,000 1.5% $945
63,000 1.6% $1,008
63,000 1.7% $1,071
63,000 1.8% $1,134
63,000 1.9% $1,197
63,000 2% $1,260
63,000 2.1% $1,323
63,000 2.2% $1,386
63,000 2.3% $1,449
63,000 2.4% $1,512
63,000 2.5% $1,575
63,000 2.6% $1,638
63,000 2.7% $1,701
63,000 2.8% $1,764
63,000 2.9% $1,827
63,000 3% $1,890
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
31,500 $2 per $1,000 $63
31,500 $4 per $1,000 $126
31,500 $6 per $1,000 $189
31,500 $8 per $1,000 $252
31,500 $10 per $1,000 $315
31,500 $12 per $1,000 $378
31,500 $14 per $1,000 $441
31,500 $16 per $1,000 $504
31,500 $18 per $1,000 $567
31,500 $20 per $1,000 $630
31,500 $22 per $1,000 $693
31,500 $24 per $1,000 $756
31,500 $26 per $1,000 $819
31,500 $28 per $1,000 $882
31,500 $30 per $1,000 $945
31,500 $32 per $1,000 $1,008
31,500 $34 per $1,000 $1,071
31,500 $36 per $1,000 $1,134
31,500 $38 per $1,000 $1,197
31,500 $40 per $1,000 $1,260
31,500 $42 per $1,000 $1,323
31,500 $44 per $1,000 $1,386
31,500 $46 per $1,000 $1,449
31,500 $48 per $1,000 $1,512
31,500 $50 per $1,000 $1,575
31,500 $52 per $1,000 $1,638
31,500 $54 per $1,000 $1,701
31,500 $56 per $1,000 $1,764
31,500 $58 per $1,000 $1,827
31,500 $60 per $1,000 $1,890
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 $31,500, a rate of 40 mills would have property taxes of $1,260.
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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