If you own a home and pay a mortgage what do you pay in taxes? Does it matter on which state you live in, etc?
Home Mortgage
Vida S asked:
I have never thought of owning a home. I am a condo, studio, apt type of person. But now, being engaged, we think of the future. Can someone please help with some pointers.
More details…someone we are family with already owns it. We may just buy it from them but stll uncertain. Does this mean that besides mortgage there is seperate taxing? Uggh!
Gabriel
I have never thought of owning a home. I am a condo, studio, apt type of person. But now, being engaged, we think of the future. Can someone please help with some pointers.
More details…someone we are family with already owns it. We may just buy it from them but stll uncertain. Does this mean that besides mortgage there is seperate taxing? Uggh!Gabriel
July 26th, 2009 at 8:52 pm
Leo
you have to pay the property tax, is vary in each state and if you remodel your property tax goes higher, I’m in California, the taxes are high here, you could also buy a book on buying a house, it will tell you step by step on how to buy a house, prepare to do a lots of signing when you buy a house
July 27th, 2009 at 9:10 pm
Nicholas
Taxes vary by city and state. They include things like paying for public school, local colleges, trash removal, fire and police protection. Mine run $3200 per year for a medium sized home.
July 30th, 2009 at 8:37 am
Marcus
It definitely matters what state you are in! And where in the city you live as well. Taxes are generally higher the more urban your address is, and how big your property is (including how much land you have!). The yearly property taxes in my area are about $1.15/per square foot.
It’s great to own a home because you get to deduct the interest you pay on your mortgage, and your property taxes!
Advice:
1) Shop around for a loan. Watch out for brokers who say “you pay nothing up front”. They usually put their fees in your interest rate so you pay more over time.
2) Take your time. Don’t get pressured into a deal, there will ALWAYS be another house that is great. Even if you don’t believe it at the time.
In terms of your other question, as a buyer you won’t pay separate taxes because you are related. If it was given as a gift, that may be a separate issue.
August 2nd, 2009 at 4:37 pm
Susan
Property taxes vary depending on the city, county, and state that you live in. My home is valued at $126,000 and I pay $1900 a year in taxes. You will also pay property tax on a condo.
Your home will be taxed on things like: size, number of bedrooms, number of bathrooms, fireplaces, rooms, garage, and any improvements or out buildings on the property.
August 5th, 2009 at 3:25 am
Leslie
Escrow account takes in consideration all taxes, house insurance and some other things…Different states tax different rate; as do different localities within the state….
A home is a good investment; it is also comfort and security in old age