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| Taxes |
One of the certainties in
life is that we all have to pay taxes. Property taxes
also called “ad valorem” are locally assessed
taxes. The monies collected are used to help pay for public
schools, city streets, county roads, police, fire protection
and many other needed services.
Generally property taxes are assessed every couple of
years so check with your realtor to find out when they
were last assessed in the area you are planning to move or
relocate. Based on the taxes, you may decide that the
area is too expensive to move to as the taxes generally
form part of your monthly mortgage to the lender. Lenders
generally collect the taxes in monthly installments and
pay the taxes when they are due. A lender will also look
at the taxes to decide if you can afford the monthly payments.
Remember, your monthly payment to the lender will generally
include principal, interest, taxes and insurance (PITI).
Taxes are generally paid in advance for the upcoming year,
though some counties collect the taxes in arrears. Always
check this out. Also, check out when the taxes were last
assessed and when they are due for another assessment.
One can also contest and appeal the appraiser’s evaluation.
This is done through the local district. An appraisal
review board is in place to hear and attempt to resolve
these contests.
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