Details for HOUSE--CLASSIFIED DEPT. - Ad from 2019-08-10

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Understanding
ProPerty taxes

When budgeting to buy a home,
there are more costs to consider other
than your mortgage payment.
While you should be able to
comfortably afford your monthly
obligation, make sure to plan for
factors such as maintenance, insurance
and property taxes. Depending on
where you live, these expenses can be
substantial.
Your property tax dollars are
required to support the community in
which you live. They pay for things like
roads, schools and local government
organizations. Luckily, with a little
research, you can figure out exactly
what you’ll pay and plan for your
upcoming responsibilities.
How are Taxes Determined?

The rate at which your property
taxes increase or decrease depends on
when local officials assess your home.
Experts at Investopedia suggest it
can occur between every one and
five years.
A licensed assessor will deem a
reasonable market value for your
home based on local real estate market
conditions, the integrity of the home

and prices of comparable properties.
Once this total is calculated, it is
then multiplied by a tax rate set by
your municipality. Beneficiaries of
property-tax dollars use their own
system to calculate their share of
the taxes.
An easy way to find out the
annual or bi-annual fees you will be
responsible for is to analyze an area’s
tax rate and multiply it by the home’s
assessed value.
Dealing with Tax Hikes

During each assessment, it’s
common for property taxes to
increase. This can occur due to home
improvement projects that add
value to your home, or an increase in
property values in your area.
The tax rate also can be increased
due to new legislation or school or
emergency service upgrades.
Fortunately, most counties
offer their residents a chance to
contest rising costs by appealing the
assessment of the property. Keep in
mind that your local regulators may
have strict time restrictions of when
the issue must be addressed. If your

case is unable to be resolved with the
assessment board, in many states, the
next phase will be in front of a judge.
Be sure to do your homework
before contesting. Most tax expenses
are public records that you can easily
access with a little research.
Build Your Savings
When searching for homes that
meet your budget, considering the
cost of property taxes is crucial. Make
sure you can comfortably afford the
initial expense and have room in your
savings to prepare for increases.
Buying a new house is an investment
that’s best ventured when you’re
financially stable.

According to the Investor Education
Foundation, an established emergency
savings plan should cover three to
six months worth of realistic living
expenses. Having this surplus of
money can help lessen the impact you
feel when your new home requires
maintenance or property taxes
increase suddenly.
The Foundation also suggests using
a liquid account to store your savings.
This type of plan is easily accessible so
you can handle emergencies without
lengthy processing through your
lender. Ask the experts at your chosen
financial institution about interestgenerating accounts to help your
savings grow.

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