When you buy a home, you’ll need to factor in property taxes as an ongoing cost. It’s an expense that doesn’t go away over time and generally increases as your home appreciates in value.
What you pay isn’t regulated by the federal government. Instead, it’s based on state and county tax levies. Therefore, your property tax liability depends on where you live and the value of your property.
In some areas of the country, your annual property tax bill may be less than one month’s mortgage payment. In other places, it can be as high as three to four times your monthly mortgage costs. With property taxes being so variable and location-dependent, you’ll want to take them into account when you’re deciding on where to live. Many areas with high property taxes have great amenities, such as good schools and public programs, but you’ll need to have room in your budget for the taxes if you want to live there.
A financial advisor can help you understand how homeownership fits into a larger financial plan. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Property taxes are levied on real estate by governments, typically on the state, county and local levels. Property taxes are one of the oldest forms of taxation. In fact, the earliest known record of property taxes dates back to the 6th century B.C. In the U.S., property taxes predate even income taxes. While some states don’t levy an income tax, all states, as well as Washington, D.C., have property taxes.
For state and local governments, property taxes are necessary to function. They account for most of the revenue needed to fund infrastructure, public safety and public schools, not to mention the county government itself.
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