Estimate Property Taxes on a 825k Home

Calculate property taxes on a 825,000 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 $330,000. However, the house is worth much more, and you pay $825,000. In this scenario, your new taxable value could be $825,000, and if the tax rate is 2%, the new tax bill could be $16,500/year even though the previous owner paid just $6,600.
Previous Owner New Owner
Taxable Value $330,000 $825,000
Tax Rate 2% 2%
Property Taxes $6,600 $16,500
Estimate Property Taxes on a 825,000 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
825,000 0.1% $825
825,000 0.2% $1,650
825,000 0.3% $2,475
825,000 0.4% $3,300
825,000 0.5% $4,125
825,000 0.6% $4,950
825,000 0.7% $5,775
825,000 0.8% $6,600
825,000 0.9% $7,425
825,000 1% $8,250
825,000 1.1% $9,075
825,000 1.2% $9,900
825,000 1.3% $10,725
825,000 1.4% $11,550
825,000 1.5% $12,375
825,000 1.6% $13,200
825,000 1.7% $14,025
825,000 1.8% $14,850
825,000 1.9% $15,675
825,000 2% $16,500
825,000 2.1% $17,325
825,000 2.2% $18,150
825,000 2.3% $18,975
825,000 2.4% $19,800
825,000 2.5% $20,625
825,000 2.6% $21,450
825,000 2.7% $22,275
825,000 2.8% $23,100
825,000 2.9% $23,925
825,000 3% $24,750
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
412,500 $2 per $1,000 $825
412,500 $4 per $1,000 $1,650
412,500 $6 per $1,000 $2,475
412,500 $8 per $1,000 $3,300
412,500 $10 per $1,000 $4,125
412,500 $12 per $1,000 $4,950
412,500 $14 per $1,000 $5,775
412,500 $16 per $1,000 $6,600
412,500 $18 per $1,000 $7,425
412,500 $20 per $1,000 $8,250
412,500 $22 per $1,000 $9,075
412,500 $24 per $1,000 $9,900
412,500 $26 per $1,000 $10,725
412,500 $28 per $1,000 $11,550
412,500 $30 per $1,000 $12,375
412,500 $32 per $1,000 $13,200
412,500 $34 per $1,000 $14,025
412,500 $36 per $1,000 $14,850
412,500 $38 per $1,000 $15,675
412,500 $40 per $1,000 $16,500
412,500 $42 per $1,000 $17,325
412,500 $44 per $1,000 $18,150
412,500 $46 per $1,000 $18,975
412,500 $48 per $1,000 $19,800
412,500 $50 per $1,000 $20,625
412,500 $52 per $1,000 $21,450
412,500 $54 per $1,000 $22,275
412,500 $56 per $1,000 $23,100
412,500 $58 per $1,000 $23,925
412,500 $60 per $1,000 $24,750
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 $412,500, a rate of 40 mills would have property taxes of $16,500.
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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