Buying a home is incredibly exciting. At the same time, it's also a lot to think about, particularly in terms of budgeting and financing.
And one of the big financial factors that you have to consider are property taxes, especially how property taxes are calculated on new homes.
Homeowners, particularly new ones are confused about property taxes. If you are buying a house for the first time, you will not know property taxes and depending upon where you live, you may be surprised to learnabout them.
In any case, it's essential that you calculate property taxes prior to making a new home...
Feeling a little overwhelmed? We hear you. To help you out, we have put together this quick property tax explainer for new homebuyers, including information on how property taxes are calculated and not to overpay taxes.
Real property tax rates vary from state to state. In fact, state and local governments use various methods to calculate your real property tax base.
How Property Taxes are Calculated
In Texas, real property taxes are assessed based on the market value of your property.
Your value of the property will be determined by the tax assessor.
Every year the assessments can be performed or even just once every five years depending on local laws. Once you receive an assessment, first you will get your estimated value, then your real property tax bill.