This is a source of income for the city/county to improve roads, local police and fire department, schools and library just to name a few. Property taxes comes with the territory. Also taxes are higher in elite communities. There can be other fees applied to this as well. This information and formula of computation is provided by the local tax assessor office. Generally, this goes up each year or every other year due to growth and demand. The assessed value of the home is not the going market price and typically lower. You can also go online to your local property appraiser website to look at details of taxes on on your home broken down.
When purchasing a new home, you want to ensure that the tax rate is computed with value of home on the lot, not just vacant land. This should be explained to you by your lender, If not this will cause financial issues the next tax year. Property taxes can affect your mortgage payment as well. Meaning, on how much home you can afford. Taxes are generally included in the mortgage. If you are 100% disabled and prove it, your taxes are 100% exempted. There is a formula that is used by the county or city to compute the percentage of disability if you are less than 100%.
Conditions such as major businesses added, major public transportation added and entertainment just to name a few. This accounts for an increase in taxes. If taxes are not paid to your bank, they can levy your home for a tax lien at the courthouse. I highly suggest to stay current on your taxes. Any questions you may have feel free to call your mortgage company escrow department, they will be more than happy to assist you with any questions you may have. Facebook Kevin Sells Florida.