Prospective new home purchasers should know that an increase in taxes typically occurs upon the sale of the property. Prospective purchasers should include this calculation in their purchasing decision.
To calculate the estimated property tax:
- Divide the proposed purchase price in half
- Multiply it by the local millage rate
- Divide by 1,000
This calculation should give you a close approximation of the tax responsibilities that you will assume with the purchase of the property.