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I'm confused about how property taxes are calculated and how this will factor against my expected mortgage.

The assessed value and the purchase price are plugged into some mystery formula specific to the township. What is this formula and how do I find out what my taxes are going to be?
Thu Feb 14 2008, 13:52 - Cold Spring - Home Buying - 2 answers
 
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Duncan Qui...
Home Buyer
in Cold Spring
Duncan Qui..., Home Buyer in Cold Spring in Cold Spring
Answers (2)
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Denton Ward was FIRST TO ANSWER
Here in Frankfort it is very simple. Basically, the purchase price determines the assessed value. The city is divided into different tax districts. Ask your realtor the tax rate for the area you'll be living in. Multiply your purchase price by that tax rate and that will tell you exactly what your property tax will be. The assessed value can change of course if you make improvements to the property. Every city may have their own variations too but a local realtor or your tax assessor should be able to tell you.

Thu Feb 14 2008, 16:33
Web Reference: http://www.frankforthomes4you.com
 
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Duncan,

I would contact your county tax assessor and see how they calculate your property taxes. Many times, cities have millage rates tacked onto the normal property taxes, along with special assessments and mello roos. Either way, you will normally have a base property tax rate, with additional rates added to it (not always, each state/city/county are different).

Lastly, if you are worried about overpaying in property taxes, you can write/call the tax assessor and ask that your home be re-evaluated/appraised to lower your taxable base.

Hope this helps, and again, your tax assessor will be the biggest help!

Denton Ward
Nationwide Real Estate Investments
http://www.nwrei.net

Thu Feb 14 2008, 15:23
 
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