By Adriana Montes
What to know about property taxes
You see, the counties, municipalities, and school districts all depend on this tax. Therefore, it doesn’t matter where you are buying your home; when gearing up to be a homeowner, you must consider how much you will be paying in property taxes. SO, WHAT IS THERE TO KNOW ABOUT PROPERTY TAXES? This is just a tax like all others, and failing to meet your obligations… there’s a penalty for that. You probably know this already; what you may not know is that the property tax varies from state to state. They go by city by county and overall by state. Therefore, failure to pay the property taxes could cost you your home through foreclosure. In Florida, for instance, the average property tax rate is 0.98% which is slightly lower than the national average of 1.08%. In a nutshell, this means that the average homeowner in Florida pays $1752 in property taxes annually. WWW.THEPOWERISNOW.COM
Another important factor to note about the property taxes in Florida is that they are implemented in millage rates which are 1/10 of a percent. This simply means that for every $1000 in home’s value, you will pay $1 in taxes. ARE PROPERTY TAXES PAYABLE WITH A CREDIT CARD? Yes, actually, they are. Some cities allow homeowners to pay their property taxes using a credit card, but it is done using a third party who facilitates the process in most cases. In Florida, for instance, Payments Inc facilitates this process allowing you to pay your property taxes using your debit or credit card. To many homeowners who are hearing this for the first time, this may sound like good news. But remember, just because you can use credit cards, it doesn’t mean that you should. Typically, the payments facilitator, this third party, usually charges anywhere between 2-3% fee on your credit card. That’s something you should consider. l
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hen it comes to taxes, especially homeownership taxes, I believe property taxes are among the most discussed type of taxes today. And for a good reason.
