Taxes???

[Hecmir]

What are the list of taxes you pay when owning a property in your state?

Can it make or break a deal?

Thanks.

[Kyle Felix]

Hi Hecmir,

Hope you are doing well. So you can check the county assessors website in you area for the property you are considering and the yearly taxes for that specific property should be listed. It should also provide the millage listing to see how the taxes for individual services in that area are being paid (i.e., schools, Fire Dept, Law Enforcement, etc.). You’d also want to check to see if the taxes listed for the property are receiving a homestead exemption, usually designated with an “H.” If so, the taxes you’d pay will be higher than what is listed since you would be buying for investment. It may show you the amount saved by the homestead exemption, which you can add back into the amount of taxes listed for that property to make a more accurate estimate. Can’t think of any other taxes that would have an effect on your ability to make a deal, aside from maybe taxes assessed at closing, but those would be accounted for in the closing costs and separate from actual property taxes. Hope that helps and if I’m wrong on any of that, anyone feel free to correct. Thanks.

Kyle Felix

[Tom]

Thanks Felix and Hecmir,

You can get a little break with a homestead exemption meaning if you claim as your home, on residential, property. it can change a little sometimes alot from one city to the next. Varies alot from state to state. texa sis horrible about 3% an California is great at about 1.3%

[Hecmir]

Thanks Felix. It’s funny cause I was looking straight at all the taxes and was like “wtf is this?” I saw a bunch of numbers and closed the page. I remember reading fire, school & kept it moving’. This is perfect.

What I got from this:

Homestead = Some Exemptions

City/County/State/Utility/School Services;
Might have Yearly Taxes billed on top of your investment properties.

• This reply was modified 3 years, 12 months ago by Hecmir.

[Hecmir]

Tax Examples:

Public Schools: By State Law (Rle)
Public Schools: By Local Board
Orange County (General)
Unincorporated County Fire
Unincorporated Taxing District
Library – Operating Budget
St Johns Water Management District
STREET LIGHTS – STREET LIGHTS
KINGSWOOD MANOR – COMMON AREA MAINT

$2,400/Yr
Add that on top of your property taxes—definitely affects your ROI.

[Author]

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