Estimate Property Taxes on a 675k Home

Calculate property taxes on a 675,000 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 $270,000. However, the house is worth much more, and you pay $675,000. In this scenario, your new taxable value could be $675,000, and if the tax rate is 2%, the new tax bill could be $13,500/year even though the previous owner paid just $5,400.
Previous Owner New Owner
Taxable Value $270,000 $675,000
Tax Rate 2% 2%
Property Taxes $5,400 $13,500
Estimate Property Taxes on a 675,000 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
675,000 0.1% $675
675,000 0.2% $1,350
675,000 0.3% $2,025
675,000 0.4% $2,700
675,000 0.5% $3,375
675,000 0.6% $4,050
675,000 0.7% $4,725
675,000 0.8% $5,400
675,000 0.9% $6,075
675,000 1% $6,750
675,000 1.1% $7,425
675,000 1.2% $8,100
675,000 1.3% $8,775
675,000 1.4% $9,450
675,000 1.5% $10,125
675,000 1.6% $10,800
675,000 1.7% $11,475
675,000 1.8% $12,150
675,000 1.9% $12,825
675,000 2% $13,500
675,000 2.1% $14,175
675,000 2.2% $14,850
675,000 2.3% $15,525
675,000 2.4% $16,200
675,000 2.5% $16,875
675,000 2.6% $17,550
675,000 2.7% $18,225
675,000 2.8% $18,900
675,000 2.9% $19,575
675,000 3% $20,250
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
337,500 $2 per $1,000 $675
337,500 $4 per $1,000 $1,350
337,500 $6 per $1,000 $2,025
337,500 $8 per $1,000 $2,700
337,500 $10 per $1,000 $3,375
337,500 $12 per $1,000 $4,050
337,500 $14 per $1,000 $4,725
337,500 $16 per $1,000 $5,400
337,500 $18 per $1,000 $6,075
337,500 $20 per $1,000 $6,750
337,500 $22 per $1,000 $7,425
337,500 $24 per $1,000 $8,100
337,500 $26 per $1,000 $8,775
337,500 $28 per $1,000 $9,450
337,500 $30 per $1,000 $10,125
337,500 $32 per $1,000 $10,800
337,500 $34 per $1,000 $11,475
337,500 $36 per $1,000 $12,150
337,500 $38 per $1,000 $12,825
337,500 $40 per $1,000 $13,500
337,500 $42 per $1,000 $14,175
337,500 $44 per $1,000 $14,850
337,500 $46 per $1,000 $15,525
337,500 $48 per $1,000 $16,200
337,500 $50 per $1,000 $16,875
337,500 $52 per $1,000 $17,550
337,500 $54 per $1,000 $18,225
337,500 $56 per $1,000 $18,900
337,500 $58 per $1,000 $19,575
337,500 $60 per $1,000 $20,250
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 $337,500, a rate of 40 mills would have property taxes of $13,500.
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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