Estimate Property Taxes on a 775k Home

Calculate property taxes on a 775,000 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 $310,000. However, the house is worth much more, and you pay $775,000. In this scenario, your new taxable value could be $775,000, and if the tax rate is 2%, the new tax bill could be $15,500/year even though the previous owner paid just $6,200.
Previous Owner New Owner
Taxable Value $310,000 $775,000
Tax Rate 2% 2%
Property Taxes $6,200 $15,500
Estimate Property Taxes on a 775,000 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
775,000 0.1% $775
775,000 0.2% $1,550
775,000 0.3% $2,325
775,000 0.4% $3,100
775,000 0.5% $3,875
775,000 0.6% $4,650
775,000 0.7% $5,425
775,000 0.8% $6,200
775,000 0.9% $6,975
775,000 1% $7,750
775,000 1.1% $8,525
775,000 1.2% $9,300
775,000 1.3% $10,075
775,000 1.4% $10,850
775,000 1.5% $11,625
775,000 1.6% $12,400
775,000 1.7% $13,175
775,000 1.8% $13,950
775,000 1.9% $14,725
775,000 2% $15,500
775,000 2.1% $16,275
775,000 2.2% $17,050
775,000 2.3% $17,825
775,000 2.4% $18,600
775,000 2.5% $19,375
775,000 2.6% $20,150
775,000 2.7% $20,925
775,000 2.8% $21,700
775,000 2.9% $22,475
775,000 3% $23,250
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
387,500 $2 per $1,000 $775
387,500 $4 per $1,000 $1,550
387,500 $6 per $1,000 $2,325
387,500 $8 per $1,000 $3,100
387,500 $10 per $1,000 $3,875
387,500 $12 per $1,000 $4,650
387,500 $14 per $1,000 $5,425
387,500 $16 per $1,000 $6,200
387,500 $18 per $1,000 $6,975
387,500 $20 per $1,000 $7,750
387,500 $22 per $1,000 $8,525
387,500 $24 per $1,000 $9,300
387,500 $26 per $1,000 $10,075
387,500 $28 per $1,000 $10,850
387,500 $30 per $1,000 $11,625
387,500 $32 per $1,000 $12,400
387,500 $34 per $1,000 $13,175
387,500 $36 per $1,000 $13,950
387,500 $38 per $1,000 $14,725
387,500 $40 per $1,000 $15,500
387,500 $42 per $1,000 $16,275
387,500 $44 per $1,000 $17,050
387,500 $46 per $1,000 $17,825
387,500 $48 per $1,000 $18,600
387,500 $50 per $1,000 $19,375
387,500 $52 per $1,000 $20,150
387,500 $54 per $1,000 $20,925
387,500 $56 per $1,000 $21,700
387,500 $58 per $1,000 $22,475
387,500 $60 per $1,000 $23,250
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 $387,500, a rate of 40 mills would have property taxes of $15,500.
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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