Today I’ll give you an idea of what you should expect to pay in property taxes and how you’ll pay that amount.
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How much money do you need to pay Uncle Sam when it comes to your property taxes? Let’s find out.
Let’s say your home is worth $200,000 and your tax rate is 1.5%. This means on an annual basis, you’d pay $3,000 (or $250 per month). There can be additional taxes, fees, and assessments added to this number, so double-check with your tax assessor to make sure you’re paying the right amount.
Now that you have an idea of what you’ll have to pay, you need to figure out how you’ll pay it. This part is actually pretty simple. If you’re paying a mortgage, you’ll most likely have an impound account set up with your lender. Every single month, your lender (or whoever holds your note) will collect money out of that account for insurance purposes or property tax purposes. They’ll then put that money into an escrow account so it can be paid when it’s due.
Your mortgage payment and your property tax payment are separate.
This is important to note because a lot of people think that they pay their property taxes along with their mortgage. In reality, these payments are separate from each other.
If you don’t have a mortgage, it’s your responsibility to make your property tax payment to your tax assessor or the tax board.
If you have any questions about property taxes, you have any other real estate questions, or you’re thinking of buying or selling a home in our market, don’t hesitate to call or email me anytime. I’d be glad to help you.
