Understanding Property Taxes: A Breakdown for First Time Homebuyers
30 Jul 2018
To understand property taxes, it may help to start with something more familiar: Sales taxes. Imagine you're at a restaurant and you order $23 worth of food. But, when you received the bill, the total came out to $24.58. That's because there was $1.58 added in sales tax, which typically goes to your state government’s general fund.
It's much the same way with property taxes. You want to buy a house, which requires a monthly mortgage, but you also need to pay property taxes, which go towards specific government-funded activities. For first-time homebuyers, this can raise a lot of questions. So, we've created a list of frequently asked questions when it comes to your property taxes.