Boston Condos for sale Sale and Rent

Beacon Hill condos for sale: How property taxes can impact your mortgage

It is a common practice for mortgage companies to pay property taxes and homeowners insurance. They add 1/12th of the payment amount to your monthly mortgage

payment. It is in their best interests to make sure that the taxes get paid because if they don’t the government can take the property.

However, sometimes mistakes are made. Property taxes will be due soon. It is a good idea to look up your property on your counties web site and make sure the taxes are paid.

I pay the property taxes myself yet I check after each quarter to make sure they come up as paid. Otherwise, I don’t know for sure that the payment was received and that the money was credited to my property

Boston Condos for sale Sale and Rent

Boston condos for sale

Click Here to view: Google Ford Realty Inc Reviews

Click to View Google Review

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________

When buying a Beacon Hill condo for sale, 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?

When applying for a Beacon Hill condo 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.

What is P&I and PITI?

P&I stand 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.

TaxRates.org defines property taxes as,

“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.”

Beacon Hill condos

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.

Boston Real Estate for Sale & The Bottom Line

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, let’s get together today to determine how the neighborhood or area you choose can make a difference in your overall costs when buying a Beacon Hill condo for sale