Next to your mortgage payment, property taxes will likely be one of your largest expenses when you buy a new home. Potential buyers are often very interested in learning what their annual property taxes will be on a home they wish to purchase.
The previous year’s taxes should be included on the property listing sheet. Otherwise the seller should provide a copy of their tax receipt. Of course, tax rates change from year to year, so the previous year’s taxes will only offer a ‘ballpark’ figure. For a more accurate estimate, contact the town tax assessor. While property taxes can be substantial, it is important to remember that you will likely receive a tax deduction for a good portion of the total amount. Also, keep in mind that in this ever changing market if you feel your taxes are not in step with the current market value, you can protest them. This is no guarantee that this will change the amount but may be worth looking into.
