01/22/2025
Hopeful buyers: Your estimated monthly payment might be WAY off.
(🔖Save this post - it could actually save you thousands!)
Here's something many first-time buyers don't realize: The property tax amount you see on current listings? It's probably NOT what you'll actually pay.👇
When you buy a home, the property gets reassessed at your purchase price. But that new tax bill won't hit until next year!
🔢 Let's 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
- That's about $290 more per month!\*
(\*Disclaimer: this amount will vary by location, and it can increase by hundreds each month)
🚨 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
➗ Calculate the number for yourself:
Find a more accurate property tax estimate by searching for the listing's address on your county's 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.
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