Millions of homeowners dedicate their income to mortgage payments and property taxes every year. If you intend to purchase a home in the future, knowing how mortgage payments and property taxes work and intertwine can give you a better understanding of where your money goes.
Property tax is collected by your local government and allocated to provide resources for citizens such as state parks, schools, road improvement and more.
The property tax amount is calculated based on the local property tax rate and the value of your home.
Your mortgage insurance includes more than the raw amount of your home. In addition to the cost of the home borrowed, the amount also covers interest rates, mortgage insurance, homeowners insurance and the property tax for your district.
Your mortgage lender estimates the amount of property tax you’ll owe at the end of the year based on the property tax rate of your area and divides it by 12.
This amount is then added into your monthly mortgage payments. If you underpay, you’ll owe money to the government, but if you overpay, you’ll receive a tax refund.
Paying off your mortgage is a gradual process worthy of celebration. However, once the house is paid off, it’s essential to remember yearly property taxes are still due.
To stay on top of payments, you can contact your local government, and they can invoice the amount you owe each year. They may also offer you multiple payment options, as some require one lump sum per year, while others may offer quarterly payments.
Understanding your property tax options puts you ahead of the game and helps you better understand how your money helps to improve your community’s overall well-being.
Welcome to my website www.lindamichaudhomes.com.
I can work for you in Hampshire and Franklin counties. Whether you are buying or selling, I will help you achieve your goals.
Community and school information for Amherst MA, Hadley MA, South Hadley MA, Hampshire and surrounding towns. You can also find the latest town and Real Estate News, up to the minute listings alerts of New Listings, Price Changes, Back on Markets, Open Houses, Virtual Tours, and much more information about Amherst MA Real Estate, Hadley MA Real Estate, South Hadley MA Real Estate, Hampshire County Real Estate and surrounding towns from my blog.
The Hampshire area schools are fantastic. Some links you may want to check out follow are below. As always, please contact me directly to help you answer questions about local schools.
www.arps.org - This site will also take you to the Leverett, Shutesbury, and Pelham schools
www.hadleyschools.org
www.nps.northampton.ma.us
www.ses.sunderland.ma.us/
www.deerfield.edu/
www.southhadleyschools.org/
