When looking for real-estate, West USA Realty of Prescott is the company to call we were established in 2001. We are committed to our clients. We are here to serve you and work hard to achieve results for our clients. Because the Prescott Arizona real estate markets are getting more sophisticated and challenging daily, you need a professional full-service brokerage like West USA Realty of Prescott
How Property Taxes Can Impact Your Mortgage Payment
When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area? Asks Mike Eastwood CEO of West USA Realty of Prescott
When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment.
P&I stands for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be.
“A municipal tax levied by counties, cities, or special tax districts on most types of real estate – including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor.”
This organization also provides a map showing annual property taxes by state (including the District of Columbia), from lowest to highest, as a percentage of median home value.The top 5 states with the highest median property taxes are New Jersey, New Hampshire, Texas, Nebraska, and Wisconsin. The states with the lowest median property taxes are Louisiana, Hawaii, Alabama, and Delaware, followed by the District of Columbia. This is why you should move to Arizona states, Mike Eastwood.
Depending on where you live, property taxes can have a big impact on your monthly payment. To make sure your estimated taxes will fall within your desired budget, contact Mike Eastwood at West USA Realty of Prescott at 928-777-8331 or visit us at www.westusaofprescott.com and Mike will introduce you to one of his real estate professional today to find out how the neighborhood or area you choose can make a difference in your overall costs when buying a home.