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Property taxes are an important part of the cost of owning real estate, but they’re also frequently misunderstood.

For homeowners, understanding the basics can help prevent surprises when budgeting for a home.

Your Mortgage Payment Isn’t Your Only Expense

Homeowners should consider property taxes along with insurance, maintenance, utilities and other expenses when determining what they can comfortably afford.

Your property’s location can also matter because local tax rates and assessments affect the final tax bill.

Don’t Rely on the Seller’s Current Tax Bill

A property’s existing tax bill isn’t necessarily an indication of exactly what a future owner will pay.

Before purchasing, buyers should ask questions and consult the appropriate county tax and assessment offices for information specific to the property.

Your REALTOR® Can Help You Ask the Right Questions

A REALTOR® isn’t your tax adviser, but your REALTOR® can help identify information you should investigate and point you toward appropriate local resources.

PRAR’s Bottom Line: When determining whether a home fits your budget, look beyond the purchase price and understand the complete cost of ownership.

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