How Real Estate Taxes Impact The Cost Of Owning a Huntsville AL Home
The cost of home ownership is not simply your monthly mortgage payment. In order to calculate the true cost of Huntsville AL home ownership, you need to consider a variety of other expenses. One of the additional expenses you need to consider is real estate taxes. Most state and local governments charge an annual tax on the value of real property. This is called a real estate tax. Not everyone is subject to real estate taxes but for those who are it can make a big difference in how much home you can afford.
Real estate taxes are not the same for every property.
Real estate taxes vary from a couple of hundred dollars a year to thousands of dollars a year. This should be looked at seriously, because it could mean the difference between being able to afford your home and not being able to make your payments.
No one wants to be house poor or lose their home because they can't afford the real estate tax, but countless numbers of people have lost their homes for this very reason. If you don't pay your real estate taxes, not only will your home be sold for back taxes, but the mortgage company will still expect full payment on your loan.
Higher taxes don't necessarily mean better services.
Although neighborhoods with higher taxes can offer better schools, roads and hospitals, this is not always the case. Don't judge the neighborhood by the real estate tax, but do look at the services you're getting for the taxes being charged.
Real estate taxes must be paid to transfer ownership.
If you are selling your home, you must have your real estate taxes current. If you're buying a home, know that the real estate taxes are part of the closing costs you have to pay. The yearly real estate taxes and the status of those taxes are part of every real estate listing and should be taken into consideration just as you would consider the price of the home.
Knowing the costs associated with homeownership allows you to purchase your new Huntsville AL home with peace of mind.
If you're thinking of buying a Huntsville AL home, let me help make the process a pleasant and profitable experience. Call me today at 256-508-0211 Direct or 800-803-0053 Toll Free or email me at mike@movetohuntsville.com.
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Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special. In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville.
Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future - Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family's move.