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.
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.
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.
are not tax deductible:
- Home inspections
- Homeowners insurance
- Utility Bills
- Closing Costs
- Real estate commissions
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.
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!
Use our quote
form, a mortgage feature on California Mortgage & Home Equity
Loans, Co. to locate a lender in your area offering the mortgage
product that best suits your needs. The independent lender you select
will work with you to help find a low-cost mortgage that meets your
needs. Apply today!