What Goes into Property Taxes

Filed under Facts, Home Buyers on May 02,2018 | Tagged in: property taxes, real estate taxes, taxes

Every homeowner pays property taxes (also called real estate taxes). Whether these taxes are included as part of your mortgage payment, or you pay them separately, it’s often painfully obvious that property taxes represent a hefty percentage of your annual home-related expenses.  What’s not always so obvious is exactly what is covered by property taxes, and how those taxes are calculated for individual properties.  In general, your property taxes support the expenses of your state and local government.  The highest of these expenses is usually for education.  Other expenses may include public welfare, insurance, utilities, highways, hospitals and public services.  This article from Money-Zine does a good job of explaining it all. Because the cost of property taxes can vary so much depending on the area, it’s smart to consider them when you’re looking to buy a home.  Vanguard Realty Associates team members can help. Count on them to guide you in finding the right home, in the location that’s right for your budget.