If you’re a potential home buyer, you’ve probably estimated a mortgage payment. One of the items that makes up your monthly mortgage payment is property tax. In this article we cover what it is and how to determine your property tax.
What is it?
Quite simply, property tax is a real estate tax which is paid by the owner of the property. The tax is usually based on the value of the owned property, including land. So, it includes all tangible properties including homes, offices, buildings, land, etc.
How much is property tax?
The rate of this tax differs from one jurisdiction to another. Therefore, when looking to purchase a property, you should ask about the tax laws that apply in that specific area.
Understanding the Details
This tax can be broken into two types: personal and real. Personal pertains to the mobile aspects of the property, such as furniture, inventory, equipment, vehicles, etc. Real property tax, on the other hand, is levied on improvements and appreciation of the property.
What are property taxes used for?
There are many reasons, but the most important is that this tax serves as a steady source of revenue for the local government. The money is primarily used to fund water and sewer improvements, provide law enforcement and fire services. The money also funds education, road and highway construction, and other services that benefit the community-at-large.
Need help buying or selling a home?
Trelora Real Estate serves Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. ur mission is simple: full service real estate for a fraction of the cost. When you hire a traditional agent to help you buy or sell your home, man cave or no, you pay that agent 3-6% of the home’s value.
When you hire Trelora, you pay a low fee rather than a large commission on the price of your home. You’ll also get best-in-class customer service. A team of expert agents who close hundreds of deals per year. And a proprietary technology platform that puts you in the driver’s seat, saving clients $12,000 on average.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.