Are taxes on second homes deductible?
Mortgage interest and
property taxes are deductible on a second home if you itemize. Check with your
accountant or tax adviser for specifics.
Do all loans require impound
If you are taking out a FHA or VA loan, the lender can require
an escrow account to pay real estate taxes and hazard insurance premiums, as
with a standard loan. Most conventional loans do not require an escrow
Are property taxes deductible?
Property taxes on all
real estate, including those levied by state and local governments and school
districts, are fully deductible against current income taxes.
can I learn more about appealing my property taxes?
Contact your local
tax assessor's office to see what procedures to follow to appeal your property
tax assessment. You may be able to appeal your assessment informally. Mostly
likely, however, you will have to go through a formal tax-appeal processes,
which begin with an appeal filed with the appropriate assessment appeals
board. Call us for help.
How do property taxes work?
Property taxes are what most
homeowners in the United States pay for the privilege of owning a piece of real
estate. In our area, Property Tax amounts to approximately 2.5 percent of the property's current market value. These
annual local assessments by county or local authorities help pay for public
services and are calculated using a variety of formulas.
What is an
impound or escrow account?
An impound or escrow account is a trust account established by the
lender to hold money to pay for real estate taxes, and mortgage and homeowners
insurance premiums as they are received each month.
How is a home's
You have several ways to determine the value of a home.
An appraisal is a professional estimate of a property's market value, based on
recent sales of comparable properties, location, square footage and construction
quality. This service varies in cost depending on the price of the home. On
average, an appraisal costs about $350 for a $250,000 house.
market analysis is an informal estimate of market value performed by a real
estate agent based on similar sales and property attributes.