One thing that many people do not consider when shopping for their home is how much their real estate tax bill is and it’s absolute a huge part of your total monthly payment. The monthly amount you pay towards your real estate taxes , in some cases, can be as high or higher than your actual principal and interest on your mortgage.
As a best practice, ask your realtor to provide you with the property tax information on each house you’re looking at. Once you have that information, we can tell you what your estimated total monthly payment is.
Another thing to ask your realtor is if the house has a homeowners exemption or not. If it does not include a homeowners exemption, your tax bill may adjust lower the next year. Being armed with this information, you’ll be able to make a more informed decision about the houses that you’re interested in.