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We just purchased a home, and moved in 1½ weeks ago (signed on 3-30-2007). We got the water turned on the same day as the signing.
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piercedpikachu | What is property tax and how long do you have to keep paying it??????????? |
I am considering buying land In New York (possibly in Rye) but I am wondering what is property tax, where does it come from and how long do you have to keep paying it? |
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Searchlight Crusade
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Real Property is a very easy thing for the state to keep track of, and so an excellent revenue source. They levy it upon the owner of record of all real estate, on the basis of value, as determined by the law in that state. This does not often have anything to do with actual market value. Property tax is *always* levied against the owners *of record*, and failure to pay is grounds for the state to take the property and auction it.
How often you pay is determined by law in the state you're talking about, but it's always assessed on a per year basis, which may or may not be split into smaller chunks so 1) the state gets the money sooner, and 2) the taxpayers don't have to write such large individual checks. When taxpayers have to write big checks, they revolt (e.g. Prop 13 in California).
You will continue paying property tax for as long as you own the property. Failure to pay on time subjects you to late fees and interest, usually more than enough to make you wish you had paid on time.
If you have a loan on the property, you often have the option of including an allowance for property taxes and insurance in your monthly mortgage payment, and the lenders will love you for it, but impound accounts, as they are known, are really not a good idea for your average homeowner. |
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cyn99di
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Property tax is just like any other tax. It is the fee you pay to the government for the services they provide you (fire dept., police dept., etc.).
You can have it rolled into your monthly mortgage payment, but it will never go away. You keep paying until you sell the property, and then you get it again on the next one you buy. |
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Classy Granny
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Everyone who owns land or a home pays property tax. It's used for all kinds of things. Schools, road repair, what ever elected officials see fit to spent it on. You pay taxes annually for as long as you own. |
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kookoo4travel
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For the rest of your life!!! WELCOME TO THE LAND OF THE FREE!!!!! NOTHING FREE ABOUT IT!!!!!!!!! |
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Pantherempress
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The tax comes from the town/state. You have to keep paying as long as you own the land. |
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my avatar's hot!
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It's a tax levied by 2 different entities in NY, the county and the school district the property is located in. The property value is assessed (say, it's worth $100,000) by the tax assessor, and that number is multiplied by the tax rate to get your bill.
(Tax rate is $2.00 per $1000 of value, your tax is $200)
You get the school tax bill in September, and the county tax bill in January. There are some tax credits available if anyone on the deed is a veteran, disabled veteran, or eligible for STAR program.
You pay it every year that you own the property, and our has gone up about every 5 years like clockwork. |
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~BC
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you pay property tax every year. |
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starshooter
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forever |
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pyelder
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the property tax is levied by the City, Town, or County in which the property is located. The rate of taxation is determined based on the type of property (commercial, residential or other) and is calculated from the Assessed Value of the property which usually is somewhat tied to the appraised value of property.
Unfortunately, you have to pay it as long as you own the property. It is billed annually or semi-annually. |
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Terry S
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Property tax in most states goes to fund schools.
You pay it till you sell the property to someone else.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com |
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