Homebuyers rarely expect that a 30-year fixed-rate mortgage may have a higher monthly payment. While the amount for the principle portion of a borrower's mortgage payment will not increase on a 30-year fixed-rate home loan, other items that are included within an escrowed payment might change. Monthly payment changes could cause a homeowner to wonder why his or her property taxes are going up. Property taxes can increase due to home improvements. Adding an in ground pool or building an outdoor kitchen in your back yard might result in a more costly property tax bill. As your property increases in value, your tax bill is likely to increase as well. When other homes in your neighbor sell above the median price range, you may notice that your property taxes are going up as well.
Speaking with a licensed Realtor about items that may impact a neighborhood's property value could be priceless. Contact Kevin Strawter at 407 479-8583 for all your real estate needs.
Property taxes are charged and collected by the local government. Corporations and individuals who own individuals who own real estate are required to pay property taxes. Real property taxes are generally charged for residential dwellings, commercial real estate and raw land or developed land.
The actual rate of tax that a property owner would be required to pay is typically based on the sales price or the assessed value of real property. Property taxes will vary among counties and local authorities.
Property owners in every state within the US are required to pay taxes. Properties taxes are largely collected to help fund a variety of local services. Money that a local tax authority collect maybe used to pay for road repairs, bridge construction or repairs, school renovations or programs and many other items that a town may need.