| Property taxes are a major expense, often forgotten | | | | owners paying in property taxes? Is this consistent |
| when buying a home. They can cost you thousands of | | | | with neighboring properties of equal size and condition. |
| dollars per year. But property taxes are not the same | | | | If it is different, why?-How will property taxes affect |
| for like properties or owners.Property taxes provide | | | | your ability to get a mortgage? Lenders look at many |
| much of the revenue for local and state governments. | | | | different measures to qualify you for a mortgage. One |
| When property values go up, property tax collections | | | | of the most important is the percentage of the |
| also go up, which means that there are additional | | | | monthly income in relation to the amount spent each |
| dollars for public services and schools -- and even tax | | | | month for mortgage interest, principal, property taxes |
| refunds. If property values decline, the government | | | | and insurance, also called your PITI. Lower property |
| programs are short and there is pressure to raise your | | | | tax bills free up more money for other parts of the |
| taxes to make up for the deficits.How much you pay | | | | PITI.-Has the tax bill been appealed. Values by tax |
| in property taxes depends on the value of your home | | | | assessors can be questioned if the owners feel that |
| and local policies. In most cases, the property value is | | | | the estimates are too high -- for example, if the math |
| established by the government assessor. Once the | | | | was wrong or an incorrect schedule was applied. |
| value is set the tax rate is applied. For example, if the | | | | Local assessment offices can help you with your |
| tax rate is $1.50 for each $100 of value, then a | | | | appeal.-Are you or the current owners eligible to an |
| $100,000 home would have an annual tax bill of $1,500 | | | | exemption?-Can property taxes be deferred?-What |
| or $125 each month.You should ask some questions | | | | are the income tax benefits of property tax |
| about property taxes when looking to buy a home, | | | | payments?- Will the sale trigger a different tax bill than |
| including:-What value is used to assess the property | | | | the current one?-How often are assessments |
| taxes? You might think that the current market value | | | | made?Martin Lukac, represents a finance |
| would be used, but that's not always the case. In many | | | | web-company specializing in real estate/mortgage |
| areas, circuit breaker programs limit the amount to | | | | market. We specialize in daily updates, rate predictions, |
| which you can be taxed. Another approach is to apply | | | | mortgage rates and more. Find low home loan |
| the tax rate on a portion of the assessed value and | | | | mortgage interest rates from hundreds of mortgage |
| not the full worth of the property.-What are the current | | | | companies! Visit today. |