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How will I know what the property taxes will be on my new home?

  1. DonnaCosmato profile image95
    DonnaCosmatoposted 5 years ago

    How will I know what the property taxes will be on my new home?

  2. Beverly Stevens profile image76
    Beverly Stevensposted 5 years ago

    First of all, you need to know what entities are taxing you: county, school, and, maybe, a PUD or MUD.  In larger cities you should be able to get this information online.  Your county will typically tax you on the county appraised value of your home, a certain percent per $1000 home value.  If, for example, your tax rate is .036 and your house is valued at $200,000, your annual county tax will be $7,200.  Your other tax obligations will depend on whatever state or local standards they use.  If you have a newly built home, you should pay very little in taxes the first year because the tax value has been placed only on the land until the house was built.  The second year, you'll get a big tax surprise.  A good Realtor should be able to help you with this.

    1. DonnaCosmato profile image95
      DonnaCosmatoposted 5 years agoin reply to this

      Thanks, Beverly and lucid realty. This is great information to get me headed in the right direction.

  3. lucidrealty profile image69
    lucidrealtyposted 5 years ago

    Donna,

    Contact your local assessor office to find out what the the tax formula is in your area. Once you do so, you can then do the calculation using the purchase price of your home.  I'm in Illinois and wrote an informational article about Calculating Property taxes in Du Page County, Illinois at:  http://blog.lucidrealty.com/2011/11/03/ … ax-rates/. Depending on where you are, the article may be helpful for you.

    All the best.

    Sari Levy

    1. Beverly Stevens profile image76
      Beverly Stevensposted 5 years agoin reply to this

      Where I live, lucidrealty, the county assessor's office only gives 1/3 of the taxes required each year.  School taxes and utility districts account for the rest.

 
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