Property Tax For House In USA
From the time you buy a home, you should know that property taxes must be paid continuously as long as you own the property, and this is a cost that does not disappear over time, and the higher the value of the home, the property tax increases.
What you pay isn’t regulated by the federal government. Instead, it’s based on state and county tax levies. Therefore, your property tax liability depends on where you live and the value of your property. In the county of Los Angeles, for example, property tax is 1.25% of the purchase price of the property.
For this reason, when buying a house, it is better to consider the property tax of the area where you want to buy a house. In some areas, the annual property tax bill may be less than one month’s mortgage payment or it can be as high as three to four times your monthly mortgage costs. Many areas with high property taxes have great amenities, such as good schools and public programs, but you’ll need to have room in your budget for the taxes if you want to live there.
