How to Estimate Property Taxes
You will need to prepare a budget and pay your property taxes at the end of each year if you do not have an escrow account with your mortgage company. You can estimate how much you will have to pay by gathering a few details and understanding a few key concepts. This article will instruct you on how to estimate property taxes.
How to Estimate Property Taxes
Get the appraised value of your home. This value is needed to calculate the property taxes.
Contact your local county tax appraiser for a copy of the appraisal. There may be a fee involved to gain a copy.
Call your property tax office and ask them about the tax rate for the area your property is located in.
Multiply the tax rate for your area by the property's appraised value. This will give you the estimate property taxes for the year.
Take for example, that the appraised value of your home is $350,000 and the tax rate in your area is 2 percent. You would multiply $350,000 by 2 percent. This will give you $7,000 as the estimated taxes you will pay for the year.