Understanding Property Taxes: What You Need to Know

Understanding Property Taxes: What You Need to Know

Property taxes are an important consideration when buying or selling real estate. Here’s what you need to know to avoid surprises:

  1. Know your local tax rates. Property taxes vary by location, so research the rates in your area.
  2. Understand the assessed value. Local authorities will assess the value of your property to determine how much tax you owe.
  3. Check for exemptions. Some areas offer tax exemptions for certain property types or owners, such as senior citizens or veterans.
  4. Budget for taxes. Property taxes are often due annually or semi-annually, so make sure you budget accordingly.
  5. Appeal your assessment. If you believe your property has been over-assessed, you can appeal the valuation to lower your tax burden.
  6. Include taxes in the sale. When selling property, ensure that the taxes are up to date. Buyers will expect a clean slate, so settle any outstanding taxes before the sale.

By understanding property taxes, you can avoid unexpected costs and make more informed real estate decisions.

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