HOME BUYER TIP: Factor in Property Tax
When budgeting for your new home don't forget to factor in the expense of property taxes. If your getting a loan to purchase your home than in most cases your bank will add the cost of property taxes to your monthly mortgage payment and split up the annual cost over 12 months of payments. It's wise to look up the annual cost of property taxes on your home before making an offer and divide that number by 12 for an estimate of what you'll be paying each month. The good news is property taxes are usually tax deductible!