How will I know what the property taxes will be on my new home?
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.
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.
by ahorseback 8 months ago
Whatever you do follow those party lines or pay for it dearly , you WILL be shamed ?
by ReuVera 9 years ago
How does assessed value of a house influence property taxes?
by Brian 14 months ago
I am not sure if I commented on this, but I am wondering how people feel about peoples homes being sold out from under them for back property taxes? My mom died in 2014 and owed around $2,000 in back taxes. The house recently was sold by the county for $18,000.00.I am living in the house, and the...
by ahorseback 9 months ago
Property taxation on the state and local levels varies in incredible amounts , Property taxes primarily can vary from a few hundred to Twenty thousand dollars for a half acre home ? Major Tax reform needs to happen now !
by My Esoteric 3 months ago
In other forums, Seattle's "head tax" was brought up as gov't overreach to willie-nillie tax those who can pay it. (I am still thinking about it.) But the Seattle city council had a reason - a reason that my sense of justice finds compelling.It goes like this: As more and more...
by PhoenixV 20 months ago
Is Property Tax an oxymoron?Property is a possession. Property taxes seems more like renting. A rental does not seem like a possession.
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