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Why do I have to pay property taxes?
Think of your house as a car you've just purchased. Just like how you have to pay for gas, insurance, and maintenance to keep your car running smoothly, you have to pay property taxes to keep your community in good shape. Property taxes help fund essential services in your community, like schools, roads, and public safety. Without property taxes, these services wouldn't be able to operate efficiently, and your community would suffer. Some additional good news is your tax preparer can help you determine whether you are able to deduct your property taxes from your federal income taxes.
How do I calculate property taxes?
Calculating property taxes can seem daunting at first, and with a little practice, we discover the process is fairly straightforward. The calculations are based on the assessed value of your property, which takes into account factors like the size of your lot, the age and condition of your house, and the local real estate market. Your local government will use this assessed value to determine the amount of taxes you owe. Regardless of your tax situation, our friends at Reboot Theory designed the graphic at the top of the page to help you calculate your property taxes. If you're financing your home with a lender, please consult your mortgage loan officer for precise calculations.