Property tax is one of the many responsibilities that come with owning a Brampton home. How much you have to pay can vary significantly depending on where the property is located, with the average paid in 2018 by owners rising 4% to $3,498, as CBS News reported recently.
Whether you’re getting ready to buy your first home, or even if you’ve purchased several homes, it can be a big help to be familiar with the ins and outs of property taxes – these are the top things you need to know.
You Can Get Fined if You Don’t Pay Your Property Taxes
While the fees and penalties vary from state to state and even city to city, there can be large fines assessed if you choose not to pay your property taxes. Or you might end up paying interest and late fees similar to paying credit card debt. However, avoiding it completely can come with especially severe consequences if you end up owing too much, including losing your home to foreclosure.
Some Cities Allow You to Pay Your Property Tax with a Credit Card
While this isn’t the norm across the board yet, many cities may allow you to pay your property tax with a credit card. However, just because this might be an option for you doesn’t necessarily mean it’s the best route to take as you’ll likely end up paying more due to higher credit card interest rates.
You Can Qualify for a Tax Break Because of Your Property Tax
Purchasing a new house can be rather costly, but you can get a tax break related to property taxes you pay each year on your federal tax income. This tax break can reduce the total amount of money you’d normally owe and possibly even help you qualify for a refund.
Before You Buy a Home You Can Get a Tax Property Estimate
Before buying be sure to get an estimate on what your potential new home will cost you in property taxes each year. It’s important to remember that when you buy a home it’s not just the price that you’ll pay for it but many other expenses like property tax too. There are plenty of property tax calculators available online that can help you estimate the amount, but your local tax accessor’s office should be able to give you a number that’s the most accurate This is especially handy when considering if you can truly afford that new house and it will allow you to take the amount into consideration as part of your overall budget
You Can Appeal the Assessment on Property Value
If you are in a neighborhood with houses that are similar in age, size, and model and are paying higher property taxes than your neighbors, it might be worth looking into getting a new assessment. It’s also important to note the timeframe in which you can appeal for a new assessment. The information can usually be found on your local county assessor’s website.