realestate
Real Estate

Are Property Taxes Included In My Monthly Mortgage Payment?

Thu Mar 19, 2009 11:06 am
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Yes, property taxes are part of the escrow and are included in the monthly mortgage payment along with the Principal, Interest, Taxes and Insurance.

Property taxes are computed based on the assessed value of the property and the local tax rate. The local taxes may be a significant amount of money. This dollar amount may affect the amount of the purchase price of the home buyers can financially handle. In some communities property taxes may be as much as $600 per month, and up.

Buyers should be aware of the local tax rates and property assessments. These numbers may or may not change a buyers decision as to how much home they can afford.

Buyers need to consult with their Realtor and real estate attorney to acquire this information.



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