Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gains for homeowners, it’s also caused some buyers to wonder if
How Property Taxes Can Impact Your Mortgage Payment
Dated: September 6 2019
“A municipal tax levied by counties, cities, or special tax districts on most types of real estate – including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor.”This organization also provides a map showing annual property taxes by state (including the District of Columbia), from lowest to highest, as a percentage of median home value.The top 5 states with the highest median property taxes are New Jersey, New Hampshire, Texas, Nebraska, and Wisconsin. The states with the lowest median property taxes are Louisiana, Hawaii, Alabama, and Delaware, followed by the District of Columbia.
Bottom LineDepending on where you live, property taxes can have a big impact on your monthly payment. To make sure your estimated taxes will fall within your desired budget, contact a local real estate professional today to find out how the neighborhood or area you choose can make a difference in your overall costs when buying a home.
Ryan Ivie is Utah’s top agent with over 22 years of real estate experience. With his knowledge of the market and strong negotiating skills, he consistently gets homes sold in shorter periods of ti....
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