Quote:
Originally Posted by scottmandue
I think my property taxes are calculated on the mortgage so I am paying around $1600... well that is what I pay, I have no idea how they come up with it.  |
Never heard of that. Do you mean your taxes are added to your mortgage payment and held in escrow?
Here property taxes are calculated based on the assessed value of the house (usually a little lower than actual FMV). Depending on the neighborhood, town, county they run anywhere from .75 to 1.5 % of the value of your house. Thus taxes on a $1M home would be around $15,000/year.