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:
- Know your local tax rates. Property taxes vary by location, so research the rates in your area.
- Understand the assessed value. Local authorities will assess the value of your property to determine how much tax you owe.
- Check for exemptions. Some areas offer tax exemptions for certain property types or owners, such as senior citizens or veterans.
- Budget for taxes. Property taxes are often due annually or semi-annually, so make sure you budget accordingly.
- Appeal your assessment. If you believe your property has been over-assessed, you can appeal the valuation to lower your tax burden.
- 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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