Estimate Property Taxes on a 925k Home

Calculate property taxes on a 925,000 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 $370,000. However, the house is worth much more, and you pay $925,000. In this scenario, your new taxable value could be $925,000, and if the tax rate is 2%, the new tax bill could be $18,500/year even though the previous owner paid just $7,400.
Previous Owner New Owner
Taxable Value $370,000 $925,000
Tax Rate 2% 2%
Property Taxes $7,400 $18,500
Estimate Property Taxes on a 925,000 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
925,000 0.1% $925
925,000 0.2% $1,850
925,000 0.3% $2,775
925,000 0.4% $3,700
925,000 0.5% $4,625
925,000 0.6% $5,550
925,000 0.7% $6,475
925,000 0.8% $7,400
925,000 0.9% $8,325
925,000 1% $9,250
925,000 1.1% $10,175
925,000 1.2% $11,100
925,000 1.3% $12,025
925,000 1.4% $12,950
925,000 1.5% $13,875
925,000 1.6% $14,800
925,000 1.7% $15,725
925,000 1.8% $16,650
925,000 1.9% $17,575
925,000 2% $18,500
925,000 2.1% $19,425
925,000 2.2% $20,350
925,000 2.3% $21,275
925,000 2.4% $22,200
925,000 2.5% $23,125
925,000 2.6% $24,050
925,000 2.7% $24,975
925,000 2.8% $25,900
925,000 2.9% $26,825
925,000 3% $27,750
Taxes Using 50% Value and Mills
Taxable Value Millage Rate (per $1,000) Property Taxes
462,500 $2 per $1,000 $925
462,500 $4 per $1,000 $1,850
462,500 $6 per $1,000 $2,775
462,500 $8 per $1,000 $3,700
462,500 $10 per $1,000 $4,625
462,500 $12 per $1,000 $5,550
462,500 $14 per $1,000 $6,475
462,500 $16 per $1,000 $7,400
462,500 $18 per $1,000 $8,325
462,500 $20 per $1,000 $9,250
462,500 $22 per $1,000 $10,175
462,500 $24 per $1,000 $11,100
462,500 $26 per $1,000 $12,025
462,500 $28 per $1,000 $12,950
462,500 $30 per $1,000 $13,875
462,500 $32 per $1,000 $14,800
462,500 $34 per $1,000 $15,725
462,500 $36 per $1,000 $16,650
462,500 $38 per $1,000 $17,575
462,500 $40 per $1,000 $18,500
462,500 $42 per $1,000 $19,425
462,500 $44 per $1,000 $20,350
462,500 $46 per $1,000 $21,275
462,500 $48 per $1,000 $22,200
462,500 $50 per $1,000 $23,125
462,500 $52 per $1,000 $24,050
462,500 $54 per $1,000 $24,975
462,500 $56 per $1,000 $25,900
462,500 $58 per $1,000 $26,825
462,500 $60 per $1,000 $27,750
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 $462,500, a rate of 40 mills would have property taxes of $18,500.
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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