BUYERS BEWARE OF HOW PROPERTY TAXES MAY CHANGE

BUYERS BEWARE OF HOW PROPERTY TAXES MAY CHANGE

If you are in the market to purchase a home, please keep in mind the amount stated for property taxes may very well be different from what your taxes will be for that same property should you purchase it. MANY FACTORS CAN CHANGE YEARLY PROPERTY TAX AMOUNT. A prime example is what exemptions might the current homeowners have? Is it a primary residence with a homestead exemption? If you plan on using this as investment property or secondary residence you WILL NOT receive a HOMESTEAD EXEMPTION. Are the current owner’s seniors, disabled or retired military? Does the current exemptions apply to more than one owner? Another important item to be aware of is how long the seller has owned the home, the longer that time frame the greater chance for a large tax increase. ALL of the previous and more can apply and affect property taxes.

So when you are perusing the listings and analyzing approximate monthly costs of your new dream home carefully review the current property taxes and how they may change.

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