12/05/2024
Hopeful buyers: Your estimated monthly payment might be WAY off.
(đSave this post - it could \*actually\* save you thousands!)
Hereâs something many first-time buyers donât realize: The property tax amount you see on current listings? Itâs probably NOT what youâll actually pay.đ
When you buy a home, the property gets reassessed at your purchase price. But that new tax bill wonât hit until next year!
đ˘ Letâs look at the numbers:
- If the current owner bought at $200k years ago
- And the current annual tax: $2,000
- But you buy at $550k
- The new estimated tax: $5,500
- Thatâs about $290 more per month!\*
(\*Disclaimer: this amount will vary by location, and it can increase by hundreds each month)
đ¨ Why This Matters:
- Your initial mortgage estimate might show the CURRENT tax amount
- Your payment could jump significantly when taxes adjust
- This catches so many buyers off guard in their housing budget
â Calculate the number for yourself:
Find a more accurate property tax estimate by searching for the listingâs address on your countyâs property appraiser website. Then, head to bankrate.com to customize the property tax section to arrive at a more accurate monthly mortgage payment.
Send this post to someone purchasing soon or DM me to help you crunch the numbers.
Paulina Longenbaugh
RealtorÂŽď¸
915.422.5412