On commercial properties it could be either owner or tenant.
You will often see on commercial properties the rent listed as NNN or Triple Net.
This means the tenant is paying the taxes, maintenance, and insurance.
I've never seen that for residential properties.
You're still paying even if unoccupied.
You also typically will pay building insurance....the tenant can pay for renter's insurance for their items.
I would recommend you work on educating yourself because owning a home for rent has a lot of possible pitfalls and you really need to have a good general foundation of how things work. A good Realtor may be able to help you and I would also recommend reading some books on the subject.
Best of luck to you,
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
email@example.com | http://www.AustinListed.com
To get a better understanding of property taxes in Texas, you should review this guide to understanding property taxes. > http://hcad.org/Help/Process/Guide.asp.
Various jurisdictions that have the authority to tax each property as well as tax rates (to calculate taxes) can be found by searching for the property on the appraisal district web site. Most county appraisal district links can be found at hcad.org.
Make note of the property value each year. The valuation date for property taxes in Texas is Jan 1 of each year (actual values are posted usually from February to March; sometimes later). If you feel the value is too high, you should file a protest with the local county appraisal district. The deadlines to protest are here > http://hcad.org/Help/Process/Calendar.asp. Penalties are pretty stiff for late payment.
I have a fairly extensive knowledge of property taxes. If you have additional questions or need assistance in protesting, feel free to call.
If the house is not occupied, then you will be covering the mortgage amount and the taxes/fees that go with it.
Taxes are due at the end of each year and you generally have an idea of approximately how much you will owe. Since you intend to rent, you will not be able to claim a homestead exemption.
You must pay property taxes on any home you own. Regardless if you live inside of it, rented out of vacant. Their might be some discounts on the property you live in once you file a homestead exemption, typically you will pay the full amount on a rental home.
When you lease a home, make sure the rent covers your property taxes along with the mortgage, insurance and a little for future repairs. Most taxes disclosed on web sites such as Trulia are of the full amount and will be prorated at closing.
If your looking to purchase an investment property, please reach out to us as we can assist you in finding that home and advise on tax issues plus a lot more!
Bernstein Realty, Inc.