Figuring out exact: taxes, insurance, value

3 Replies

I would like to figure out how to get more exact numbers. And before consulting google I thought I’d ask the real experts.

1. How would I go about figuring out the exact taxes I’ll be paying on a property.

2. How do I find out how much insurance will be (any other way than to call and get a quote?)

3. I seem to be confused while looking on a county assessors site. (I can’t post a photo from my phone so I’ll try to explain).

Asking price is $130k

But in the assessors website it states

2020 market value

Land $22,300

Improvements $50,900

Total $73,200

2020 taxable value

Same numbers

Greetings @Amber Linthakhan ,

You'll be paying the tax rate based on that total # (73,200). Here in Baltimore its approximately 2.3%. Depending on when the tax bill is due and paid versus when you actually close will also determine how much you pay in taxes at closing. If the tax bill is due in January and you close in February, the previous owner will be responsible for 1/12 of that year's tax bill while you will be responsible for the other 11/12. They may even break it down by days. Example: Total tax bill is $1000 that's approximately $2.73/day. January has 31 days, so previous owner has to pay $84.63 and new owner is responsible for the balance.

Yes calling around may be your best for insurance quotes.

I wish you the best!

@Amber Linthakhan i May be misunderstanding your question but the counties tax assessment has very little to do with the actual market value of your home. Assessors don't go in the house and the assessments are infrequent so don't track the market. The only thing the assessment determines is how much the tax bill is. You can find the annual tax bill on the mls or the state sept of assessment and taxation website. You can also look on the county website to see if the tax bill was paid for the year (most likely yes unless it's a distressed property). And as the previous response says, if it was paid you'll have to bring cash to the table for the portion of the year remaining between closing and June 30.

@Amber Linthakhan

1. How would I go about figuring out the exact taxes I’ll be paying on a property.

You can find the number on the MLS listing or going to the assessor's website. Be mindful that the numbers may be for the taxes in the prior year.
Property taxes may increase if the property tax rate increases for the county/city/school district. Furthermore, the assessor can re-evaluate the taxable portion of the property upon a change in ownership.

2. How do I find out how much insurance will be (any other way than to call and get a quote?)

Calling and getting a quote would be the best bet. There are so many different things you can change in an insurance policy so it's best to call and get a quote based on items that are most important to you in a policy.

3. I seem to be confused while looking on a county assessors site. (I can’t post a photo from my phone so I’ll try to explain).

Value from an assessor has little correlation to the fair market value of a property.

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