Millions of homeowners dedicate their income to mortgage payments and property taxes every year. If you intend to purchase a home in the future, knowing how mortgage payments and property taxes work and intertwine can give you a better understanding of where your money goes.
Property tax is collected by your local government and allocated to provide resources for citizens such as state parks, schools, road improvement and more.
The property tax amount is calculated based on the local property tax rate and the value of your home.
Your mortgage insurance includes more than the raw amount of your home. In addition to the cost of the home borrowed, the amount also covers interest rates, mortgage insurance, homeowners insurance and the property tax for your district.
Your mortgage lender estimates the amount of property tax you’ll owe at the end of the year based on the property tax rate of your area and divides it by 12.
This amount is then added into your monthly mortgage payments. If you underpay, you’ll owe money to the government, but if you overpay, you’ll receive a tax refund.
Paying off your mortgage is a gradual process worthy of celebration. However, once the house is paid off, it’s essential to remember yearly property taxes are still due.
To stay on top of payments, you can contact your local government, and they can invoice the amount you owe each year. They may also offer you multiple payment options, as some require one lump sum per year, while others may offer quarterly payments.
Understanding your property tax options puts you ahead of the game and helps you better understand how your money helps to improve your community’s overall well-being.
As your real estate professional, Amie has an extensive knowledge of the local real estate market to meet your needs. Born and raised in Fairfield County she understands the true value of this area. If your money’s involved, then the stakes are high. You can have confidence that Amie will get the job done. Licensed in 2004, she won her office’s Rookie of the Year award. Since then, she has been recognized as a multi-million dollar producer, an Honor Society member, Agent of the Month on numerous occasions and has received various other awards for her successes.
Having graduated from Southern Connecticut State University with a B.S. in Communications focusing on technology, she is able to provide her clients with the most comprehensive cutting edge services and tools. She is the co-founder of an organization close to her heart, The Dennis Lindwall Foundation, running annual events to raise money for pediatric cancer related causes. Over the years, the Dennis Lindwall Foundation has donated more than $100,000 to these charities.
Whether you are buying or selling a home in Fairfield County, you can rest assured that she will work very hard for you. With Amie, you will get the professional yet personalized care that you deserve. Take the first step into this exciting process, with Amie Lindwall-Belile.