Hi guys, I've been trying to learn how to accurately calculate the numbers on a potential rental property. So far I have a decent idea of each of the expenses but I am stuck on a few. @Brandon Turner had said in one of his videos that the tax rates for properties can be searched for and found on my county's tax assessor's website but I can't seem to find it, either I am on the wrong site or I am not navigating properly. I live in Manchester NH (Hillsborough). Also, how would I go about finding out how much insurance would cost? Thanks
For insurance just call the local companies. Try have info like number of bedrooms and sq ft of the property ready for them so they can give you an accurate quote. Get different quotes from different agencies.
You can get an idea of the taxes if you go to Zillow or Trulia find the property and stroll down to property taxes then you can divide by 12
Hello, Blake! I am in Nashua. I am in the process of buying a property in Manchester. You can use these two websites to get the tax assessment.
Tax assesment values: http://gis.vgsi.com/manchesternh/
You can then use this formula:
(tax rate/1000) * ratio (2016 it was 96.8%) * assessed value
Tax rate=$23.14 per $1000.00 of assessed valuation.
Assessed value= 200,000.00
In this example
(23.14/1000) * .968 *$200,000 = $4,479.90
Thanks guys for all the great info! Also, @Emilio Betancourt you are a life saver!
For future reference, investors all over the US talk about "your county's website" or the "County Courthouse steps" for foreclosure auctions. In New England, everything except the registry of deeds is by town, so when in doubt, go to the town website, not the county.
My only recommendation would be to call the Manchester tax office to confirm that nothing will change with that tax amount. Ask if there are any discounts on the current tax rate and ask when they will be reassessing. Most towns/cities will reassess all properties every five years. Example - my tax bill went up $4,000 in one year due to a reassessment and no more veteran discount.
I agree with @Craig J Chelette to call around to a few insurance companies.
Hey Blake! Well insurance, you can just call a get a few quotes. Give them the specific address and they may ask a few questions but they can give you an estimate for actual coverage. For taxes, have you googled "tax assessor website hillsborough county NH"? Or something like that.
For numbers, I always use a napkin...
:) Hope that helps.