2023 Tax Rates are out... and you might be surprised.
Do you look at your taxes for your home in the suburbs and think that you can't afford to invest in a second home? It may be easier than you think. During our search, I can help you determine the taxes, insurance, and other expenses that come with owning a second home. A lot of times these costs can be covered by renting the home for a week or two.
Residential property tax rates are typically determined by local government entities, such as counties or municipalities. The rate is usually based on the assessed value of the property, which is determined by an assessor. The assessed value is typically a percentage of the property's fair market value. The local government uses the assessed value and the tax rate to calculate the amount of property tax that the homeowner must pay. Factors such as the number of services provided by the local government, the needs of the community, and the tax base can all influence the property tax rate.