It depends on where you live. I pay $8,800 a year in property taxes, and a few blocks away I know people paying $24,000 a year in property taxes on a big house (in NY). In Philly, my friend owns a house and only pays like $200 a year in taxes! So it really depends.
But you also get to deduct interest, so you get to lower your taxable income as well. When you're looking for a house, just ask the real estate agent what the taxes are, and know that they will probably increase with time!
Every year you will pay property tax to your local government, probably it will be between 1 and 2% of the state assessed value of your property. When you sell your home, if it has increased in price, you might have to pay a capital gains tax on the amount of profit from the sale.
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It depends on where you live. I pay $8,800 a year in property taxes, and a few blocks away I know people paying $24,000 a year in property taxes on a big house (in NY). In Philly, my friend owns a house and only pays like $200 a year in taxes! So it really depends.
But you also get to deduct interest, so you get to lower your taxable income as well. When you're looking for a house, just ask the real estate agent what the taxes are, and know that they will probably increase with time!
Every year you will pay property tax to your local government, probably it will be between 1 and 2% of the state assessed value of your property. When you sell your home, if it has increased in price, you might have to pay a capital gains tax on the amount of profit from the sale.