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Be Aware of the Different Taxes you Might Have to Pay
Taxes can run in the thousands for homeowners and are typically due twice a year. Escrow accounts can help by making 1/12th of the estimated cost each month but keep an eye on the escrow account statement because sometimes loan servicers fail to pay on time and pass the incurred fees onto the homeowner, according to the U.S. Department of Housing and Urban Development. Some cities assess specific fees like street cleaning. Also, there might be special assessments coming up for street projects. Find out if there are multiple taxing authorities, some towns have watershed districts that collect tax money.
Check these tips on how increase your home value.
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Tax Assessor Calculates Property Tax
A tax assessor attaches a property value to your home and makes adjustments based on local rules to determine the assessed value. Property tax is determined by multiplying the assessed, taxable property value by the mill rate (the mill rate is a figure the represents the amount per $1,000 of the assessed value of property) and then dividing that number by 1,000. If the mill rate is 7 percent and a residence has a taxable value of $150,000, then the tax bill would be $1,050.
Fortunately there are government websites that can calculate your tax rate based on its estimated property value.