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Assessing Your Taxes!




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How is the assessed value of a property determined?
In some states, the local tax assessor determines the assessed value of a property, and uses that value to calculate the amount of tax to be paid. In other regions, there is an automatic inflation percentage added to the market value, which is the sale price of the home.

Property taxes are what most homeowners in the US pay for the privilege of owning a home and / or land. The taxes are assessed annually by local / state government professionals to help pay for public services. All property taxes on all real estate, assessed by state and local governments as well as school districts are fully deductible from income taxes.

While the method for assessing real estate differs depending on your state, you can use this general rule: You can expect to pay 1-3% of the market value of your home in annual property taxes. So if your home is assessed at $50,000, you may pay between $500 and $1,500 a year in property taxes.

Points paid up front in exchange for a lower interest rate are generally deductible in the year paid where you have a purchase mortgage in an amount not exceeding $1,000,000 on a principal residence. If the points are paid for a refinancing of a mortgage, the points will be deductible over the life of the loan.

The following are not tax deductible:

  • Home inspections
  • Homeowners insurance expenses
  • Utility Bills
  • Closing Costs
  • Real estate commissions
  • Depreciation

Financial Hardship Benefits
Low-to-moderate income homeowners may be eligible for mortgage interest tax credits that are available for a portion of the interest they pay. Contact your local government agency for eligibility information.

Continue reading for more information on "Taxes and the Seller" that you will need to know about in order to be better prepared for a California Mortgage Loan!



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