When buying a new home, you will have a lot on your mind. From the home search itself to choosing a mortgage lender, you have enough to worry about. Then, you have to take into consideration long-term concerns like property tax rates. Keep reading to learn more about the answers you can expect from your realtor, and, more importantly, what questions you should be asking your realtor.
What Do Realtors Have to Tell You about Property Taxes?
In short – nothing. Realtors aren’t taxing authorities or financial advisors, so they won’t always know the exact cost of your property taxes. Their primary job is to educate patients about the cost of the new home. While realtors may be unlikely to include information about annual property tax rates when discussing the home’s purchase price, they are often good resources to help you gather the necessary information. As the long-standing joke goes, the three “L’s” of real estate are location, location and location. The same could be said for property taxes. The area in which you choose to buy a home will play a significant role in the cost of your annual property taxes. Talk to your realtor about local average property values (are they on the rise, holding steady, or decreasing?). Increasing property values often play a bigger role in the added cost of property values than an actual increase in local tax rates. Remember, for the term of your home loan, the property taxes will be included in your mortgage payments, so it may be years before you need to worry too much about property taxes.
So – How Can You Find Out More About Potential Property Tax Costs?
While realtors are not experts on local property tax rates, they do know a lot about local property values. Before you invest in a home, ask your realtor about the current value of properties in your area. You should also ask about trends in property tax rates. Even if a community shows decreases in annual property tax rates, sky-rocketing property values mean home owners still end up paying more in property taxes from year to year. Austin is a great example of this. Since 2012, Austin property tax rates have decreased each year, but the property values are so high and increasing so rapidly that homeowners are still paying more in property taxes annually. It’s important to understand both the trends in local property tax rates and property values.
Home Tax Solutions Offers Help with Property Taxes Now
Whether you just got blind-sided by your first property tax bill after paying off your home loan or you had a tough financial year, the Home Tax Solutions team can help you cover the cost of your property taxes. We offer low interest rates and simple payment options. Our team of professionals will make the entire property tax loan process fast and easy. To get started, complete our online form. Once we have this basic information, our team members will set to work finding you the best property tax loan options.
